On October 4, 2013 | By Nhlanhla Mshengu | In Currency forecast So far the forex market is behaving the way I forecasted (with minor deviations) in my previous post. EUR/USD is moving slowly upwards, even though it didn‘t touch my buy level at 1.3560. That‘s where I was keeping my long positions, which were not opened, as the pair retraced only to 1.3587 price before climbing higher and breaking daily high at 1.3608. Today there isn’t any ground shaking news, so technical indicators will be playing their solo part again. Don’t forget that it’s Friday and we all know how jumpy it gets when a week closes. I suggest buying EUR/USD from first daily support pivot point at 1.3588. Stops must be set at 1.3573. If stops are triggered, next buy level will be lower at 1.3550. This will be the last buy level with tight stops at 1.3535. I still wouldn’t recommend selling the pair from current 1.3624, but if you are itchy, sell the pair only from 1.3614 with stops at 1.3635. Profit targets must be set then at 1.3588 and 1.3555.
Posted on: Fri, 04 Oct 2013 07:26:04 +0000
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