ForexPros Daily Analysis December 08, 2010
Free webinar on ForexPros - Using Fibonacci ratios to manage your trades efficiently
Expert: Sunil Mangwani
Start: Mon, Dec 20, 2010, 10:00 ET
End: Mon, Dec 20, 2010, 11:00 ET
Fibonacci ratios are a very popular tool among technical traders and price has an uncanny way of respecting Fibonacci ratios.
There are different kinds of Fibonacci ratios like, retracements, expansions, projections, fans etc, and each of them have a different characteristic and a different use.
Learn to identify the situations to use the correct Fibonacci ratio.
Click here to join free
The EURUSD pair has hit a major support at 1.31948 and has moved back up.
However, from my previous analysis of this pair, it has broken down the major support on the daily chart.
On the 4 hour chart, you can see that the price is unable to create higher high which is a sign of weaknesses in the buyer.
As a whole, I will continue to look for short opportunity for this pair as long as it breaks below the 1.31948 support level.
Forex Trading analysis written by Kelvin Lee for Forexpros.
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.