Chartology

Inside technicals and chart patterns by Raghee Horner, trader/author at Ragheehorner.com, Chief Currency Analyst at InterbankFX, and Autochartist Chief Market Analyst.

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EUR/USD: Following the Short-Term Selling Pressure Down to a Swing Buy

Posted on October 11, 2010 at 18:13 in Chart patterns, Price actions by Raghee Horner

The 15-minute EUR/USD is trending lower as the 34EMA Wave pushes down at between 12 to 2 o’clock confirming a mark down stage. This is setting up near-term short sells off the 34 period EMA on the low. Overall however both the 240-minute and the daily time frames remain in solid uptrend so the correction lower is setting up a buy as prices sink into a swing buy zone.

15-minute EUR/USD with GRaB indicator plug-in

Ideally as the 15-minute chart finds a trading range below 1.3900, it’s my opinion that buying support will reveal itself. The current low is 1.3867.

240-minute EUR/USD with GRaB indicator plug-in

I am not opposed to taking advantage of the near-term weakness but I focused on the correction of the larger, intraday trend where I would like to get long (aggressively) at 1.3905 and preferably closer to 1.3800. I also have a standing order waiting at 1.3855. The validity for the uptrend is the angle of my 34EMA Wave and the dynamic support currently at 1.3839.

*Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.

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