Friday, October 1, 2010

EURUSD Rally on Overdrive

EURUSD is trading by mob rule; sellers simply can't stop the wave of buying. An angle of ascent close to 75 degrees with a $0.10 gain in under a month is tempting the kind of sharp correction seen in early August.

Zignals Chart Image

There is a tight rising channel to help mark the exit, with support currently around $1.3510 - if a pullback doesn't stop at this line it will likely see a rush to exits.

Drilling into the intraday chart, current action at 1.3734, puts the EURUSD at a 5-day wedge resistance line. This coiling action has support c1.3640, a break of which may trigger a larger pullback to support of a 7-day rising channel at $1.3500, effectively daily support.

As for my trading strategies, yesterday's selling didn't do too much long term damage; most of the exits were in Indian strategies.

Why not start your Zignals Trading Strategy Business with us today? Learn How to promote your Zignals Trading Business with Twitter.

Follow us on twitter here How to Get Started with Zignals

Build a trading strategy in Zignals and potentially earn money too; download our Build a Trading Strategy PDF and get selling (and trading) today!

Dr. Declan Fallon, Senior Market Technician for, offers a range of stock trading strategies via his Zignals home page. Each Zignals member has an unique home page which they can share with friends and clients to sell their strategies.

Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on JOIN US TODAY - IT'S FREE!

blog comments powered by Disqus