EURUSD fakeout?

This is a discussion on EURUSD fakeout? within the First Steps forums, part of the Reception category; What's going on here with the EURUSD - stop hunting perhaps? I was fully expecting the bounce back though it ...

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Old Apr 30, 2009, 11:54am   #1
Joined Mar 2009
EURUSD fakeout?

What's going on here with the EURUSD - stop hunting perhaps?
I was fully expecting the bounce back though it looks like some congestion at the line.
Click the image to open in full size.
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Old Apr 30, 2009, 11:11pm   #2
Joined Mar 2009
SanMiguel started this thread
Quote:
Originally Posted by money_add View Post
It pproached the 38.2% retracement of the day’s trend like range.
The 38.2% retracement comes in at the 1.3257 level.
As a result, this level will be eyed as support. A break should signal a period of consolidation or decline from the recent move higher.
Here is a chart of it
Click the image to open in full size.
Ok but it's in a downward channel at the moment. It may have support at the 38.2 but that would imply it's a small consolidation before a continuation. The only way to continue is to try for another breakout, which it has already hit resistance at. Plus the downward pressure of the channel still looming.
The daily candle shows an shooting star but not yet the confirmation candle.
?
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