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eur/gbp 1 hr update from yesterday

12/02/2010

Not to toot my own horn or anything, but here’s the eur/gbp chart from yesterday. I haven’t moved any lines except for updating the MA lines. Only time will tell if my down arrow will work as well as the up one did. 🙂

We have moved above the 100hr ma, and are bouncing off both the 200 hr and 100 day ma. In addition, we have reached the 50% fib support and upper trendchannel boundary I highlighted yesterday. Depending on how the price structure develops, this would not be a bad place to look for shorts. Risk is limited to just above the 100 day ma, or perhaps the .618 (which sits directly on the 100% extension of the first leg of this up move) for a little more room to breathe.

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From → Coming up, Trades

One Comment
  1. quick update, the more I look at eur/usd gbp/usd and eur/gbp, the more I think we’re going to touch the .618 area around .8500 before seeing any meaningful return to the downside. Having missed an entry off the first bounce lower from the 200 hr and trendline, I’m waiting for a good setup before taking this trade.

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