EURUSD fakeout?

SanMiguel · Apr 30, 2009, 6:54am

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.

SanMiguel · Apr 30, 2009, 6:11pm

Quote:

Originally Posted by money_add

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

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.
?

Apr 30, 2009, 6:54am	#1
SanMiguel Guest Member Since Mar 2009 1,136 Posts	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.

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