Posts Tagged ‘usd’
Trade Forex Carefully
For Week Starting February 22 . . . Look For Possible Trend Change In Euro
In my opinion, the Forex EURO/USD could be at an important crossroad. We are using extra caution this coming week. All technical indicators continue to show a downtrend that is still in place, but there is a potential of a trend change coming up.
So far, the weekly euro/usd has a pivot bottom put into place, then rallied to put in a new top, and finally put in a new low. So if the most recent low does not take out the previous low, we will have a bottom put into place, and the trend will be to go long. The bad news is that if we are in the middle of a trade, we won’t know a change in trend until the end of the week. So the word is "caution" for the week of trading starting Februrary 22, 2009. It might even be a good plan to stay on the side lines this week if your account is a little light.
Currently, the weekly Euro/Usd is below its 10 EMA. The Fractals are at the top indicating a downtrend. The Parabolic Stop and Reverse (PSAR) is at the top of the weekly euro indicating a down trend. Only time will tell if this down trend will hold.
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Only Short the Euro/USD
We Advice To Only Take Short Trades On Euro/USD This Week Beginning 02/15/2009
The Euro/USD trend line is still indicating short trades only. The Parabolic Stop and Reverse (PSAR) is at the top of the weekly Euro, indicating a down trend. Looking at the weekly Euro/uSD, we see it below the 10 EMA. Finally, we look at the Fractals and they are at the top, which incicate a downtrend.
The Sunday evening Forex trading opened with a major gap to the downside on the Euro/USD. This just goes to show you that it is only safe to take short trades on this pair for now.
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