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Daily Outlook

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5

2

EUR/USD

Mon, Mar 30 2009, 08:44 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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The chart shows my working count for the rise started from 1.2546. I think it is corrective in nature and finished with a bearish triangle. If this is the case, one should expect a correction of minimum 61.8 % retracement i.e. 1.2885. With an eye on this idea I entered short position on the break of the said triangle. A key resistance is 1.3465 with is 61.8 % retracement of today’s sell-off.

Trading strategy: 11:45 EST; 15:45 GMT

Short position from 1.3417, stop loss - 1.3540, target - 1.2900

Trading strategy: 06:04 EST; 10:04 GMT

Sell on break of 1.3418 (sell stop order at 1.3417), stop loss - 1.3540, target - 1.2900

chart1


Archive

  • EUR/USD
    Published On Fri, Jul 10 2009, 08:23 GMT
  • EUR/GBP
    Published On Wed, Jul 8 2009, 12:29 GMT
  • EUR/USD
    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
  • [ View All ]

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