Hello all its been a very long term i made a post here guess i used the last three months of my life studying the forex market well here is my view on Eur/usd
There is no doubt that over the last month the dollar has been in so much trouble those that entered long on this pair are probably between a 300-500 pip gain but for how long can this uptrend continue?
On weekly basis fibonacci extensions of 100% at 1.3820 is were prices are were prices are ranging at but with the present overbought conditions the momentum might be just dying out soon but upside risks still hold with trend line resistance at 1.3888 .. presently in wave forms it is currently in a wave 3 in weekly basis...
On daily basis it is in wave 3 or 5 which is currently in progress if the trend line resistance of 1.3888 is taking out then a move to as far as 1.3967 will be in view which is 100% fibonacci extension of the move from 13/06/07 , 05/07/07 and 06/07/07... on daily charts.....
I have daily trend lines and weekly trendlines converging at 1.3890 which could signify the end of the uptrend.. I have sell orders at 1.3890 with stops of 30 pips and take profit as much as 300 pips as long as 1.3820 major support is broken
Trade well Trade wisely and Trade with stop losses...!!!
Were can i get free snapshots to place charts here
In my opinion, USD in some weeks will stable or drop down, but after a two or five month it will rise to februrary level, because when winter is coming usd always rise up of OPEC ant gazoline prices. :)