Forex Traders Take Advantage of Forex Signal Amidst Market Chaos

The past few trading days we saw the market as rather confused and a bit imbalanced. My last forecast suggested I was focused on a bear cycle of which one of our Trade Alerts offered at least 35 pips before settling for a 10 pip stop.

Subsequently, today’s early afternoon Market Timing Alert precisely coincided with a bull entry at 3881 with a defined target at 3979; it’s not always as clearly defined as that but all of us experienced a handsome thrust. It’s no fun to be wrong, even for a stop loss under 20 pips or less but it surely is delightful to reverse my focus and capture a great opportunity.

Current EUR/USD Structure Still Carries A Blush Bullish Intent

Resistances: immediate at 1.3969-97, 1.4037, 4079, 1.4126 and 1.4213

Supports: immediate at 1.3928-18, 1.3909-01, 1.3894-84, 1.3877-65

We still have T2 bull target at .14037’ish, and then 1.4126 for a mid-term T2 and a final T3 at 1.4200+ should it exhaust itself that far. I would be satisfied with T2.

Currently I can envision hitting resistance at or below 3997, a slight pull back to 3970 levels – then a head tap at 1.4017’ish, a slight pullback to 1.4000 (if not a straight burst north) within the attempt onto T2 or beyond. I feel like exhaustion can set in upon near T2 or beyond; or even shy of T2. Caution is advised.

I hope to issue a Trade Alert soon BUT I prefer to see a test of support versus entering a breakout. Stay tuned for MTA’s and potential.

Britt Maras – Senior Currency Strategist

This entry was posted on Wednesday, June 17th, 2009 at 6:46 pm and is filed under Trading Signals & Strategies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.