Tuesday, May 26, 2009

EUR/USD May 26th-27th

Right now it is trading @ 1.3994; today high 1.4022; low 1.3859;
it is 3x biz days now, that the rate try to break the resistance at 1.4000 area;
a first look at the volumes says that the volume goes down as 1.4000 is approached;
the trend is still bullish; but I see a huge resistance @ 1.4035 right now;
looks like the bull are not that strong, and the bear may came out;
for sure is the pair will fail again to break 1.4000,as it looks it is happening, it should retrace at least to 1.3720 area again;
here are some support and resistance:
R3 1.4283; R2 1.4120; R1 1.4055; S1 1.3892; S2 1.3794; S3 1.3631

here is my trading plan:
I will sell 2x unit now @ 1.3987;
stop loss @ 1.4040;
target: 1.38 area and 1.3720 area;

have a good trading

:D

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