Tuesday, August 3, 2010

EUR Update: AUG 03, 2010

Hourly charts have been screaming at me keep buying the EUR! And I have been right so far… (caught the leg up from 1.29 to one 1.30 and 1.30 to 1.31). However, the daily chart is telling me that 1.32+ is looking ripe for a correction. Someone asked me why 1.32? Why is that significant? Well if you are considering week to week movements surely it doesn't matter. But If I enter long on day to day movements, there is the strong risk Ill sucking my thumb and waiting the EUR corrects (to the downside) regain profits on a bad entry.

Sentimentally plus the recent strong moves to the upside say I should enter now, but my setup says to hold off at least until the next few days. Even if prices do move up to 1.33 theres plenty of room to 1.35 and I think a correction is needed to sustain this rally.

Corrections needed in

  • RSI
  • MACD

    In addition to a possible waning ADX, doesn't make for a good entry signals.


    Alexander Lê
    Managing Partner
    Analyze Capital LLC
  • No comments:

    Post a Comment

    This Blog has been developed by Analyze Capital LLC, and as an independent organization we provide “AS IS” information without warranty. The ideas and opinions expressed by the contributers of this blog are personal and do not represent the actions or policies of Analyze Capital LLC. The contents of this blog do not intend to assert recommendations or to offer advice of any kind. We are not responsible the consequences, be they gains or losses, that may result from using any of the information from this blog.