Tuesday, December 15, 2009

Long EUR/USD 1.4508 Support and Round Number

I have been waiting to buy EUR/USD at a good price. Even though daily up trend line is broken, I still believe EUR/USD still in up trend. A trend won't change easily. USD was over bought, the pair lost 500 pips from 1.51 without much retracement.

Why 1.45 is a good entry point? First, it's a strong daily and weekly support. Sencond, it's a round number.

My SL is set at 1.4408, the first target is 50% Fib, at 1.48. Actually I see it back to 1.50. Below is the chart.




Update: Stop out, 100 pip lost.

No comments: