www.fxtrainingzone.com EUR/USD I see the short term trend as down, therefore class this as a Trend Continuation trade based on: - Bearish englufing shotting star formation close on the 4H, failing to close above the 50% retracement line (from daily timeframe - shown in yellow on chart image). - Price action failed to close above the 1.4117 level together with candles showing a lack of upward momentum. - Price has now placed in a lower high on the 4H something which it has not done in some time. - 8EMA failed to take control on the 1D, therefore shows that the strong bearish candle on (05/06/09) is still in control and therefore we can expect a bigger retrace than 23.6 from the larger upmove. (will explain this on the video)
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The Euro slid against its major rivals, and broke below its support against the greenback, as the usually more hawkish ECB Council member Axel Weber said the ECB should maintain its support of banks throughout this year and any moves to remove stimulative measures should come in the 1st quarter of 2011. That pushed the Euro lower as it suggests the ECB will support the region’s banks for longer than some investors expected. News Provided by CMS Forex www.cmsfx.com Market Analyst Nick Nasad
www.trading-strategies.info Another trading tip with trend lines and Fibonacci retracements to give you a time reference for when you could expect a retracement and where it could retrace to.
