If you followed my Forecast and EUR/USD Long Trade Alert Friday you must be quite pleased. We waited most of the morning for an entry at 1.3929 and then squeezed the stop for profit at 1.3999. Mt target near 1.4070 was left unsatisfied in early afternoon trade. We had a Forex Signal Market Timing Alert that coincided with the entry.

Currently the pair is entrenched within a week old consolidation range but that should change soon.

EUR/USD Forecast:

Resistances: immediate at 1.3867, 3886, 1.3903 3951, 3979 and then 1.4029-79

Supports: immediate at 1.3852, 3803, 1.3791 and then the door is open to 1.3700 to 1.3640 to 1.3510

I have a bearish slant BUT the pair is heavily congested waiting for fresh market impetus and price action. I hope to issue a Trade Alert soon and a Market Timing Alert.

Britt Maras – Senior Currency Strategist

This entry was posted on Monday, June 22nd, 2009 at 4:53 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.