Sunday, September 18, 2011
Trend for 18th of September 2011
Hi, market trend analysis fans. My pc is still not repaired, so my post will again be short today, with no charts attached. I hope that I will come back to normal posting in the middle of this week.
Today I wanted to pay your attention to eur/usd pair. You saw that it stopped falling last week and was mildly rising throughout all of the week. However, if you carefully look at the pattern in which it was rising you see that it might reverse and start falling again this week. 1.3750 level is support now, but when broken we will definitely see the most recent bottom of 1.3500 and nobody knows whether the pair will stop there.
It seems to me that the security will visit 1.3000 level somewhere this year. In my opinion eur/usd will continue going down in a downward channel creating shorting opportunities in counter trend moves (rallies). Wait for reversal patterns there.
It is important what happens during European session on Monday. If support breaks, I believe we are going to see much lower prices in eur/usd sooner rather than later. Let us wait for the morning. Do careful analysis, before you make any serious trading decisions.
See you tomorrow.
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.