Saturday, May 2, 2009

EUR/USD: Weekly Technical Outlook











I would stand aside for now. I am going to wait for a break and retest of either the upper or lower trend lines on M30. Will go long after break of the upper trend line which corresponds with the 1.3300 level and trend line on daily. There is much more resistance on the short side on most time frames. Will go short after break and retest of lower trend line. Price is currently testing that line. Stochastics on H4 and M30, and zero line rejection in OSMA (M30) are demonstrating that price may be headed down to 1.3200 level which also corresponds with the 200 SMA on M30.















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