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Disclaimer: This is my personal Blog, reflecting my very own views on Forex , shares and commodity tradings. As such, all informations provided here are barely for information purposes only,. The author should not be held liable for any errors, incomplete information, delayed messages, or for any actions taken in reliance on information contained herein.This blog is new, being established on 06,May.2010. While I am executing trades, posting will be sent simultaneously. The date/Time indicated here is of US Pacific zone(++15 Hours for Singapore/KL/Beijing, Or ++7 hours GMT)

Monday, May 31, 2010

Technical Analysis on EURO/USD and its Trade SET-UP

The EURO/USD is moving in a very close range in this Morning Asean Trade with its consolidation in progress.  The retreat from 1.2454 can only be considered being ended if the price action has broken convincingly the 1.2342-1.2352 (current kijun-Sen level and Ichimoku cloud top side), Only above 1.2395-1.2400 will retest of this 1.2454 level.

The intraday support level is 1.2255,below this will expose 1.2204 which in turn is a critical support, only breaking this level (1.2204) will then open the door for dropping to next  support level at 1.2154, Further breaking this may send the  pair  down below 1.2000.....

Watch this price action closely, and you can set up the trade accordingly as per above Technical Analysis.
Since the present Price action is rather indecisive and moving in a very close range (1.2255-1.2343), You may decide to wait for further trend development before setting up any trades.

Happy Trading


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