An overview of the
currency markets by 
Greetings.
Quite a trading day with the FOMC statement yesterday. Now that the dust has somewhat settled, let’s take a look at the EUR/USD.
Looking at an hourly chart, it seems we have potentially seen the end of the shorter term down movement for the completion of Wave 2. Now, it seems as though we’re heading up to see a Wave 3.
As you can see, we drew in a trend line. This trend line can be used as support, keeping in mind the currency pair may “wick” below the line briefly.
Thanks again to Sam for leaving me a comment and asking a question. This post is in reply to your question, Sam.
If you decide to trade this, be sure to place your stops and utilize your money management.
Good luck.
Sorry - forgot to add the graphic.
Dear Ross,
Thank for blog, I looked at it almost on a daily basis and find it very usefull.
Do you still keep your view that eurusd is starting 3rd wave up? it had quite deep pulback to support line. what whould be you critical level?
thanks,
vytas
Hi Vytas,
Thanks for the comment. Please take a look at our latest post for a general view. We normally don’t post on Mondays but we wanted to get that out for you.
http://blogs.fxstreet.com/tradersedge/2009/08/17/sell-the-eurusd/
We will get more into detail and answer your specific questions in a post either Tuesday or Wednesday. Thanks again.