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EUR Sideway Trade
By Benny Nardino | October 24, 2008
After a night of see-saw trades in the Asian/Pacific hours, EURUSD is beginning to develop into another sideways movement. Yesterday night saw a trough developing on the hourly and 4-hourly charts as the European session winds down. Could this be the set tone for this trading day?
One would have thought a bullish trend developing. Lack of confidence on this trend saw the move fizzles out. That perception has since evaporated as positions were soon traded down again. See the chart for further explanation.
Presently, we are seeing a slight violation on the support level at 1.2733 trading to 1.2663 new support level. This has now turned into a tweezer bottom on the 60-mins timeframe (circled region). Could this be a confirm reversal signal? Only time will tell but we are not that confident about it yet.
Nonetheless, we see our support 1.2730/33 and resistance at 1.3000/05 at the moment. We have not taken any position on euro, but a further retest on 1.2660/33 would see us short our position for a possible 1.2480 support. Otherwise, we wait to pick little winners between this range for the day.
We hope you are watching carefully too. Have a great day of trading.
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