As I wrote in my last article , EUR will have its test key level around 1.4383 ( labelled with point A in my last chart , described by crossover between Upper Trend Line with Below Trend Line) .
And we can see last week EUR failled to break this test key level. A faillure to break 1.4383 will lead pairs to downside correction and bring pairs to sideways mode.
Next Movement :
In this week , EUR USD seems will have a smaller Trading Range than last week , and target to 1.4340 by the end of this week. Indicate by crossover between Trend Upper Line and Trend Below Line.
The pairs will be stay in sideways mode but it still intact above my Trend Below Line ( in red color ) as describe in my chart. The pairs will also trade above Bollinger Middle Line and this conformed my assumption.
Suggestion :
You can entry market in Long mode , only if pairs still stay above Fibonacci 61.8 level 1.4288. Then always becarefull when pairs below 1.4288 or stay around 1.4270 consider it might be downside Turning Point as well.
Trading Range : 1.4240 – 1.4380
Support : 1.4240
Stop Loss : 1.4200
Resistance : 1.4380
Trend : Sideways
Target : 1.4340
Happy Trading !! September 6 , 2009
Himawan Wardhana
