Be a Millionaire via Forex Trading-A journey to Over 1 MILLION USD IN LESS THAN 3 YEARS: Technical Review on EURO/USD, ----ITS RESILIENCE AT 1.2160 RETESTED

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Tuesday, June 15, 2010

Technical Review on EURO/USD, ----ITS RESILIENCE AT 1.2160 RETESTED

Exactly 3 Hrs ago, GMT 07:00 Tue;;,US PACIFIC 00:01 ,Tue;;, KL/ Singapore 15:00 Tue;;The pair was traded at 1.2165, thereafter it was strongly supported, and reversed ,, and now after 3 hrs, it is traded at 1.2250., It not only shows its resilience, but the element of ECB intervention cannot be ruled out in view of yesterday's Further downgrading of Greece Credit rating.

From the chart below, the pair has since broken the 1.2160 resistance lines numerous time for the past two /three trading days, and I would now propose that traders stand aside and watch for a firm direction , Even though the long term views on EURO/USD is still Bearish.

The short term upswing momentum may lift the pair toward the 1.2585, as such, for longer term Traders, I would PROPOSE not to execute any trade on this pair now. For shorter term Traders, you may use your favorite indicators to assist you to catch the short jumping pips.