EURUSD…Not yet, but soon?
July 28, 2008 – 12:24 amDaily chart of EURO is a beauty. Consolidation, breakout, consolidation, breakout. I love this chart. Well, we are again in the consolidation phase, and at the new high area. I remain positive now, which means I am only looking at the Long side at the moment. It depends on what do you want from the market. Accumulate long position to anticipate the upside breakout? or hold your breath now and wait for the breakout.
Here is the….CHART!
Here is the statistics
And here is the FXE (CurrencyShares Euro)
Chart used Tradecision
From the desk of Tradergav.com
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Tags: ETF, EURUSD, FX, FXE, Trading Journal
You make a very valid point. I base my trading on 4 hour charts, which is in a short position for the Euro right now. But it does look like the trend will continue up after this consolidation you not. I feel the Euro trend will start to meet major resistance at the 1.6400 mark. Nice post, interesting site.