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eur/usd. 1 hr. resistance area

12/08/2010

I won’t be posting as regularly as usual this month due to Christmas festivities, goofy and unpredictable December trading and a few personal things. But I’ll still make appearances here and on twitter.

eur/usd is at a critical level. We’re sitting on the 50% retracement of basically either of these moves down. We’re also meeting resistance on the 4 hour trendline and the 100 day sma.

For the bulls, on the other hand, this looks a lot like a bull flag consolidation to me.

So, we could either see an upside break to 1.35, or a downside break to the daily lows followed by the 200 day sma. Isn’t that the great thing about trading, it can go either way. 🙂 Hopefully a definitive hourly close will give us some direction.

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From → Coming up, Trades

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