EUR USD has been trade in moving up trend in 3rd week in August 17 – 21 OPEN 1.4146 and CLOSE 1.4330 and Volume is in decline mode.
Then price traded in moving down trend in 4th week in August 24 – 28 , OPEN 1.4343 and CLOSE 1.4301 and Volume is in decline mode .
Considering these data and comparing it with Technical Analysis tools , I believe in the first week of May , the EUR USD will be trade in moving up trend with target toward 1.4442
EUR USD will have it test key level around 1.4383 labelled with point A in my chart described by crossover between Upper Trend Line with Below Trend Line.
A faillure to break 1.4383 will lead pairs to downside correction and pull back toward Fibonacci 61.8 around level 1.4288 and bring pairs to sideways mode.
But, breaking 1.4383 will be a trigger to reach further upside gains are expected towards 1.4442 .
To reach this 1.4442 level , the pair need to hold position above 1.4288 between Bolinger Middle Line and 1.4442 Bolinger Upper Line . It means stay intact above Fibonacci 50.0 retracement. It will conform a bullish momentum toward 1.4442 and also putting the pair on the path to further upside gains towards the 1.45..... . This next movement also indicate by Bollinger Middle Band is in moving up position
Suggestion :
You can entry market in Long mode , only if pairs still stay above 1.4288. Then always becarefull when pairs entering 1.4383 as Key Point consider it might be downside Turning Point as well.
Trading Range : 1.4244 – 1.4383 then 1.4288 – 1.4442
Support : 1.4205 , 1.4288
Stop Loss : 1.4205
Resistance : 1.4383 , 1.4442
Trend : Sideways with Potential Up
Target : 1.4383 then 1.4442
Happy Trading !! August 31, 2009
HIMAWAN WARDHANA
