EURUSD and GBPUSD moves above one resistance level, tests another
Written July 9, 2009 at 11:46 AM EST by Greg Michalowski
EURUSD has moved above the 200 hour moving average resistance at the 1.4003 level. Stops hit in the EURUSD. Next target 1.4049 (high from July 7th.
At the same time, the GBPUSD is moving above the 38.2% retracement at the 1.6273 and looks to test the 1.6297 resistance level and above that the 1.6326 200 hour MA. See earlier post by clicking here.
Higher stock market, higher commodities hurting the dollar/benefits the currencies.
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Your analysis is part of my trading plan. It is simple, to the point - brilliant. Thank you
We just try to keep things simple with simple trading rules as the more complicated a plan, the better the chance for doubt/fear. Nevertheless nothing is perfect BUT following rules should keep risk to a minimum and provide greater profit potential. Thanks Shirley. Continued good fortune with your trading.