Friday, May 29, 2009

EUR/USD: +30 pips last trade


I went long at 1.4019 and exited at 1.4050. I am going to stand aside for now and wait for the 1.4050/60 area to be tested as support. Stochastics on H4 and M30 charts are in overbought territory and there are bearish divergences (price making higher highs, OSMA failing to make higher highs) developing on both M30 and H4. If the 1.4050 area holds as support I will take another long position and my target will be 1.4290 which is the 138.2 FIB extension level.

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