Daily Outlook

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EUR/USD daily
Mon, Sep 1 2008, 13:48 GMT
by Dimo Dimov
Karoll
The chart shows my working count. I think that the last two weeks movement is a bearish triangle which could be already over. In such a case one should expect a new low below 1.4570 from here (possible target is 1.4500). From short term point of view a key resistance is 1.4666. As long as we stay below it, I would favor the scenario for a finished triangle and a direct fall below 1.4570. However in a case of a rise above it, I would assume that wave E of the triangle is not over yet and I would expect in such a case a rise to 1.4730 prior to beginning of the expected movement for a low below 1.4570
Trading strategy: 09:35 EST; 14:35 GMT
Short position from 1.4775 (double position) and additions to it from 1.4738 (double position), 1.4723 (double position) and 1.4619 (double position), stop loss for the whole position - 1.4670, target - 1.4500
Confidence level - high
Published on
Mon, Sep 1 2008, 13:51 GMT
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