The EURUSD seems to be in a sideways wedge pattern forming lower high, lower low, lower high, higher low on 4hr chart. Looking at 1 hour chart it appears we will retest the upper TL of this channel. My bias is to the downside still to test 1.310 to 1.295 support levels. This is a rough read especially with the Fiscal Cliff crises were facing and congress trying to band aid something together. It is basically a crap shoot. If EURUSD breaks out to the upside and closes above the 1.3300 level on a daily then I will be bullish to 1.340/50 levels. I will just have to trade what price gives me. I would like to wish a Happy and safe New Year to all my readers. Looking forward to the volatile 2013.
Saturday, December 29, 2012
EURUSD Weekly Plan for Dec.31st thru Jan.4th
The EURUSD seems to be in a sideways wedge pattern forming lower high, lower low, lower high, higher low on 4hr chart. Looking at 1 hour chart it appears we will retest the upper TL of this channel. My bias is to the downside still to test 1.310 to 1.295 support levels. This is a rough read especially with the Fiscal Cliff crises were facing and congress trying to band aid something together. It is basically a crap shoot. If EURUSD breaks out to the upside and closes above the 1.3300 level on a daily then I will be bullish to 1.340/50 levels. I will just have to trade what price gives me. I would like to wish a Happy and safe New Year to all my readers. Looking forward to the volatile 2013.
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