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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 48943, member: 25911"] [b]EUR/USD DAILY as of Wednesday, 31 July, 2013[/b] [B]*** Intra-Daily Trading Strategy: BUY Euro Dollar / US Dollar Buy Target: 1.3297 Buy Stop: 1.3199 Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price. (NOTE: Adjust Stop Loss Price according to your trading risk.) Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!![/B] A white body has formed as prices closed higher than open. The previous 10 candlestick bars, there are 6 white candles versus 4 black candles with a net of 2 white candles. The previous 50 candlestick bars, there are 27 white candles versus 23 black candles with a net of 4 white candles. A doji star has formed where a doji gaps above or below the previous candle. This often signals a reversal with confirmation occurring on the next bar.MACD is BULLISH as the MACD is above the signal line. The MACD crossed above the signal line 12 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has increased 1.49%, and has been fluctuating from a high of 1.330 to a low of 1.300. The Stochastic Oscillator is currently above 80. This is an indication of the security being in an "overbought" condition. The close is currently ABOVE its 200 daily moving average ABOVE its 50 daily moving average ABOVE its 20 daily moving average The current market condition for Euro Dollar / US Dollar is Very Bullish Euro Dollar / US Dollar broke above the upside resistance level of 1.32, 6 day(s) ago. This is a bullish sign. This previous resistance level of 1.32 may now provide downside support. Prices having only risen 0.52% since the breakout, the validity of the breakout is questionable. The most recently confirmed downside support level for Euro Dollar / US Dollar is around 1.28. Expect prices to have some difficulty falling below this level. A break below this level would be a bearish sign. Euro Dollar / US Dollar closed below the upper Bollinger Band by 21.7%. Bollinger Bands are 33.61% wider than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. [/QUOTE]
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