Wednesday, September 9, 2009

EURUSD weekly chart - BB resistance and 61.8% resistance

EURUSD may stall its uptrend as there are two very important resistance levels on the weekly chart. (current price 1.4562) First, we have a bollinger band (settings: 20, 2) resistance around 1.4625 area and at the same area we have 61.8% retracement of the fall from 1.6035 to 1.2329. These two areas may provide a strong resistance that could be exploited on the short side. Relatively large stop and limit advisable.

Good trades.

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