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EURUSD Found a Good Demand

Mon, Jul 6 2009, 23:45 GMT
by Mohamed I El Shall

4XTechnicales.com  |  View company's profile


Yesterday, the pair of currency had found a good demand forces, at 1.3883 had bounced the pair back up again. We expect the pair to keep on moving higher as long as it stays above this level.

 

We recommend a buy from 1.3927 with a stop loss at 1.3820 and a target at 1.4050. For the following reasons

 

-         Hammer bullish reversal formation with a low at 1.3883.

-         Bullish divergence formed on the price bottoms and OsMA.

-         Overbought on Stochastic indicator on four hours time frame.

 

Supports

1.3927 – 1.3883 – 1.3824

Resistances

1.4011 – 1.4065 – 1.4124


EURUSD 070709 IMP Levels


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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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