• Online Forex trading Community

EUR: Attempt small longs at 1.3970

Nicole Elliott from Mizuho Corporate Bank at 02/03/10



Comment: Trying to stabilise but very slow work as the Euro is many people’s pet hate. It is still very oversold though momentum is still strongly bearish.

Strategy: Attempt small longs at 1.3970; stop below 1.3850. Short term target 1.4000, then 1.4180.


Comment: Holding above the recent low at 124.45, just ahead of May’s low at 124.38, and likely to hold above here again today and maybe all week. This is easing the oversold situation as well as bearish momentum. All yen crosses are still expected to trade down later this month.

Strategy: Attempt small shorts at 126.35; stop above 127.15. First target 125.65, then 124.50.


Comment: Yesterday’s ‘doji’ after Monday’s ‘spike low/hammer’ are the first tentative signs that once again we are forming an interim low at the bottom of the broad band that has held since June.

Strategy: Attempt longs at 1.6025; stop well below 1.5900. Short term target 1.6265/1.6300.


Comment: Dull as we continue to hover above the 50% Fibonacci retracement support and the top of a broadening Ichimoku ‘cloud’, trading between the 9-day and 26-day moving averages (though the 9-day one suddenly dropped today). Expect a move to the bottom of the ‘cloud’.

Strategy: Sell at 90.45; stop well above 91.00. Short term target 89.85, eventually 88.50/88.25.

Main Menu