thetradersclub.com - Daily Reports EUR/USD

[thetradersclub]

April 20, 2009 [FOREX REPORT]
G7 FOREX REPORT
All trades are subject to a clear signal given as per the G7 system at Forex trading videos|forex reviews|forex trading systems
EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.3400
Key G7 resistance levels: 1.3100/3130, 1.3180, 1.3230, 1.3300/20
Counter-trend opportunities: 1.2950
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels
after an entry signal.
Today's trade suggestion:
Crunch time, as the big 1.3000 gave way in Asia today. Although the medium term
directions for the majors are uncertain to say the least, this week, the euro remains
bearish according to our model, and we look to sell rallies to resistance levels. The obvious
level is 1.3100/20, where we have found strong support in the last few weeks, and it
should act as a resistance level to any counter-trend rallies. There are other levels above
there which also might come into play if 1.3100 is broken. We will look to sell the euro on
any rallies to 1.3100/20, after a clear G7 entry signal is seen. If we manage to break
above there, keep an eye on the levels above, as long as we remain below the weekly
reversal level at 1.3400.
Note that the current price of 1.2950 is the 61.8% retracement of the last rally, and we
might see a strong bounce from here in the early part of the week. (see weekly chart)
April 20, 2009 [FOREX REPORT]
Summary:
Sell rallies to the resistance levels above only after a clear G7 entry signal. Target
1.3000 and then 1.2720. Possibly try tiny counter trend longs from 1.2950.

[allangering]

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