Familiar Markets Crush The Dollar
PipHut | Oct 23, 2013 05:53AM ET
General Market Commentary: A solid day yesterday as the markets finally began breaking cleanly on the broad USD weakness that followed the worse than expected US payroll data (economists forecast 180k, actual numbers came in at 148k). The trend is still for USD weakness but the longer-term USD picture is beginning to get oversold, increasing the likelihood of a top being put in this week (though we will continue to trade the trend we are presented with, not the trend we want to see!). Also, the new version of the BETA SwingPRO EA is out, with trailing SL control and lot size adjustments. Enjoy!
Yesterday’s EUR/USD Signal Result: Our long was triggered on the 3724 resistance break on the USD weakness, which nearly hit our full TP for 80 pips but we ended up closing out for 50 pips profit when the pair began to stall and consolidate under the 1.38 resistance.
Today’s Signal: The pair still has room to run until its long-term falling resistance around 1.39 so we will once again look to reload and get long on a resistance break with a TP of 80 and a SL of 50. There is also a long opportunity on dips, with 1.37 and 1.3650 as the next supports and the most likely areas to see buying. If price does manage to get below 1.3650 (which we rate as unlikely today) then 1.3580 is the next major support.
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