The
EUR/USD and EUR/JPY rallied on the open as risk seemed to be back on the table
as Wall Street rung the bell to start the equities trading day. The Dow has
managed to remain above its 200DMA (Daily Moving Average) and this for now it
bullish.
The EUR/USD is in a “one thing leads to another” situation where
the near-term intraday momentum is rallying into the resistance waiting on - in
this case - the 60-minute downtrend. As long as the near-term momentum can
last, the 60-minute set up will continue to see a higher correction into the
resistance of the 34EMA Wave.
Past
performance is not indicative of future results
Exhaustion in the 60-minute swing
short set up will only come after the shorter- term time frames begin to lose
their bullish momentum.
Watch the five-minute Between the Greens set up for intraday
bullishness. The battle at 1.3050 could establish whether this level will be
the floor for another run higher or whether the selling pressure will mount as
lunch time on the East coast approaches. Until the five and 15-minute charts start to show that the uptrend is transitioning into a range or even a reversal caustious of stepping in front of the freight train.
As
an active forex trader and Chief Currency Analyst for InterbankFX.com I do
write for a number of sites all over the web and I am happy to say that I will
be posting updates atwww.IBFXconnect.com. MyActivity Boardwill feature
the trades from my trading account as well as intraday commentary.
Start the discussion! Questions? Comments. Leave it
here at the Daily Forex Trading Edge for Raghee to personally answer. Using the
icons at the top of the article to forward this update to a friend via email,
post it on Google or Facebook or simply print it out for reading later.
Forex
trading is one of the riskiest forms of investment available in the financial
markets and suitable for sophisticated individuals and institutions. The
possibility exists that you could sustain a substantial loss of funds and
therefore you should not invest money that you cannot afford to lose.
Posted By:
Raghee Horner
Raghee Horner, chief currency analyst for Interbank FX, provides her personal daily trading tips and insights through Dailyforextradingedge.com. An experienced trader with over fifteen years in the markets, Raghee is the co-founder of EZ2Trade Software and has taught her brand of technical analysis and charting strategies to students all over the world. She is an international author and has taught currencies, futures, and equities trading for over a decade.
The EUR/USD and EUR/JPY rallied on the open as risk seemed to be back on the table as Wall Street rung the bell to start the equities trading day. The Dow has managed to remain above its 200DMA (Daily Moving Average) and this for now it bullish.
The EUR/USD is in a “one thing leads to another” situation where the near-term intraday momentum is rallying into the resistance waiting on - in this case - the 60-minute downtrend. As long as the near-term momentum can last, the 60-minute set up will continue to see a higher correction into the resistance of the 34EMA Wave.
Past performance is not indicative of future results
Exhaustion in the 60-minute swing short set up will only come after the shorter- term time frames begin to lose their bullish momentum.
Watch the five-minute Between the Greens set up for intraday bullishness. The battle at 1.3050 could establish whether this level will be the floor for another run higher or whether the selling pressure will mount as lunch time on the East coast approaches. Until the five and 15-minute charts start to show that the uptrend is transitioning into a range or even a reversal caustious of stepping in front of the freight train.
As an active forex trader and Chief Currency Analyst for InterbankFX.com I do write for a number of sites all over the web and I am happy to say that I will be posting updates at www.IBFXconnect.com. My Activity Board will feature the trades from my trading account as well as intraday commentary.
Start the discussion! Questions? Comments. Leave it here at the Daily Forex Trading Edge for Raghee to personally answer. Using the icons at the top of the article to forward this update to a friend via email, post it on Google or Facebook or simply print it out for reading later.
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
Raghee Horner