Daily Outlook
This report has been deactivated

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EUR/USD
Wed, Mar 18 2009, 15:20 GMT
by Dimo Dimov
Karoll
The chart shows my working count for the rise started from this month’s low 1.2457. The up-move is very strong but I think that we deal not with an impulse but with a complex corrective combination. If this assumption proves to be correct, the said up-move should be part of a triangle (unfinished yet) which means that the expected stronger up-move for a re-test of 1.4718 high is still not started. With an eye on the above thoughts I exited yesterday the long position opened on Monday and even tried to sell unsuccessfully two times with close stop loss. However nevertheless of the market strength, I still expect a fall of at least 61.8 % retracement of the movement started from 1.2457. If the high is already seen (this is not likely upon me because a test of 1.3200 could be expected), the corresponding level is 1.2720. A first signal for this scenario will be a break below 1.2986 so I put a sell stop order below this level. Only a sharp rise from here of at least 200-300 pips will abort the idea for a forthcoming fall and will prove that the rise is impulsive, not corrective as I think.
Trading strategy: 10:50 EST; 14:50 GMT
The short position from 1.3010 was closed at 1.3075 with loss 65 pips
Sell again on break of 1.2986(sell stop order at 1.2985), stop loss - 1.3160, target – 1.2720

Published on
Wed, Mar 18 2009, 15:23 GMT
Archive
- EUR/USD
Published On Fri, Jul 10 2009, 08:23 GMT
- EUR/GBP
Published On Wed, Jul 8 2009, 12:29 GMT
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Published On Fri, Jul 3 2009, 10:32 GMT
- USD/JPY
Published On Wed, Jul 1 2009, 07:55 GMT
- GBP/USD
Published On Thu, Jun 25 2009, 14:12 GMT
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