I have been expected a bigger jump up as dollar is weaken
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DislikedHi everybody...long time since I last posted
Currently trading EUR/USD with {link removed, see rule #3}
This is my trend analysis as on Aug 02, 2007
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.3860
Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.
Wave analysis suggests we still have another leg lower to go, which might take the Euro down to 1.3550/70 (200 SMA, previous S/R and 50% Fib).
Suggestion: Watch to sell at 1.3720, or to buy near 1.3550, only on clear
signs of reversal.
Key Resistance levels: 1.3720, 1.3800
Patience is required this weekIgnored
DislikedEURO-DOLLAR
RESIS. / SUPPORT Fri/Mon, Aug 4th EUR-1.3785 Friday
1.3800/ST/1.3725 Euro has recovered well in corrective consol
1.3855/MT/1.3610 to the uptrend. Structure of this move has
1.3950/LT/1.3480 yet to be determined. Failure at 1.3800 will
---------------- confirm consol tri + a swing back to 1.3650
b-4 higher. Brk extnds rly for full test + eventual 1.3855 breakIgnored
DislikedEURUSD
LONG TERM TREND:
UP
MEDIUM TERM TREND:
UP
SHORT TERM TREND:
UP but some correctional downside is still possible but limited to 1.3671. Correction does now look complete and trend resumption requires the 1.3773 level to fall and sustain to a closeIgnored
DislikedThe trend is heading north, according to a trader it will move up a little at this time and possible it will go south till 1.3780. Chances are, it will move down again. A sharp down.
I got this from a trader which made his fortune in forex. If this is wrong please forgive me.Ignored