Dollar vs Euro Chart
We have seen some range bound movement on this pair. Having studied it further, we think we have more reason to believe a downside potential is more likely than upside. This was the case shown on the my system (Metastock chart) and also with basic analysis (Advanced Get chart).
Both the charts are daily time frame and we are getting ready for short positioning on these currencies. What we would like is a candle reversal and one other reason to add to our confluence of events. This may come in the form on fundamental or technical.
At present the recent mini trend from the 6th December looks like a bearish flag. It is holding at the 50% level so that is good for a coninuation downtrend pattern. We have the first leg, currently in the pause and now waiting for the second leg. If it reverses and does not produce a second leg then stops will kill any major losses.
Our technical analysis provides enough information for readers to understand it. Our trading systems and technical logistics are not shown as it would generally confuse most new traders. That said, those trying to analyze our technical analysis will get reasonable answers enough to take a trade. So, dont over analyze the charts and if you did and by doing so missed out on the Euro Dollar trade we highlighted last week then you have also missed out on nearly £3000 profit.
Good luck with your trades this week and good dynamic trading.
Javid Shaik Http://www.fxcps.com
Article Source: Http://EzineArticles.com/?expert=Javid_S…
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