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Take a look at this 4 hours charts: Euro/Usd is finally correcting the overbought state indicators gain after past two days straight rally. The pair was moving in a small flag, descendant channel and after breaking to the downside in a quick move, now is fighting the down line. Could be a pullback, if not passed, signaling further falls. Supports will be at tough max and min congestion zone around 1.3535, followed by 1.3500 and under, 1.3450, brief stop before the more important 1.3410. If the pair close actual candle inside the small flag, should discard the figure, and see an attempt to move to the upside, with resistances at 1.3636, 1.3674 and finally 1.3740 yesterday’s high zone.
I have been asked how i come to the resistance levels published yesteday, well once I published it, so here is the link to past post: http://blogs.fxstreet.com/advisor/2008/07/23/how-to-determinate-supports-and-resistances/
In this particular case, I take alook at past highs or lows, in 4 hours, daily and even weekly charts. I always talk about zones. Check the history, one of the basic principles of trading in that market has memory!
thank you for answering my question about yesterdays resistance….it makes a lot sense to me now that i am looking at the congestion zone….hope you have wonderfull weekend
Your welcome Atif! my apologizes for not answering earlier, the fact is that you post it in the CAD and i was not sure about what you mean there.. don’t realize you were talking about Euro.
Anyway, good it help you! you too have a great weekend!
Regards
Val
hello mrs,
now is pullback session, do you think the top of pullback at 1.3720? and what about sell at the top of PB?
please advice,
sincerely,
Yahya
Hey Val,
Thats my brother Atif, my bad i asked the question in the wrong currency. i work with support and resistance and pretty much follow you and sometimes i try and get your levels but this time it was very hard. I would like to share my charts with you if possible and get your guidance as to what am i doing wrong. I have tried to look for your email and no luck so please feel frre to email me at kashif.rrana@yahoo.com
Regards,
Kashif
the top line in your creent chart for that level 735 i am sttill unable to find. Can you share with me your chart.
Hi Ahmad! sorry for the delay, the comment apear too late on Saturday morning at least for me, we have some issues past week. Anyway the pair seems range bound between 1.3735 and 1.3560 zone.. no much action. I will post break levels in a few minutes.
Regards
Val
Hi Kashif!
I will send you an email right away, so you can have my email adress and we can talk about that resistance level
Regards
Val