Wednesday, September 19, 2012

EUR / USD: Wednesday 19th Septemebr 2012 13:54hrs

EUR / USD.

EUR / USD is in a down trend.
Price has recently pulled back the 78.6% Fibonacci level on the daily chart.
Price has also formed a double top on the 60 minute chart. A good sign that the market is looking to turn.
Price has made a new low and the Daily chart stochastic has also rolled over in the overbought region.

Daily Chart below:

 


60 Minute Chart below



Price has broken through the averages and the pivot points and I am looking to enter short on a pull back to the previous support region.

My entry levels and short term chart are below

1st Entry: 1.3035
2nd Entry: 1.3050
Averaged entry: 1.30425

Stop loss: 1.3075

Target: 1.2877 (5%)

Chart below

 



I will update again if and when the trade is triggered

Best regards


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