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Old 07-22-2011, 01:21 AM   #1 (permalink)
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EUR/USD daily chart

Here's the daily chart of EUR/USD.

Yesterday's news-based activity brings the EUR/USD up to the edge of long-established trend line, and Ichimoku kumo flat (support/resistance) area.

The million dollar question: What will EUR/USD do now?

(The red line is 200 EMA)

I've not got a trade on this yet; and missed the trading opportunities yesterday due to vacation / poor internet connection.

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Old 07-22-2011, 03:00 AM   #2 (permalink)
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One thing is for sure, most technical traders will be looking to go short off that bearish trend line.
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Old 07-22-2011, 03:53 AM   #3 (permalink)
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IMO we still got more leeway.
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Old 07-22-2011, 04:24 AM   #4 (permalink)
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I believe we will pull back not much to get another swing to break the line. It is Friday nothing major today to move the market. We might just trade in range, but never know the market does it's own thing!!!
There is dissent amount of volume this morning, would this mean supply entering the market or the demand is eating up the supply at this level, I cannot say!!!
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