Friday, June 5, 2009

EUR/USD Price 080409 Mid-Week Update

The price has continued over the past few days to play into the blue trend line area. Arriving into the area, the price has now also reached a minor support for the USD. Now, will the EUR regain its past week’s momentum or will the USD gain more ground? The current situation could just be minor price re-trace for the EUR as some experts would like you to believe.

A price rebound off the S1 support will help the price regain its EUR bias course for a potential breakout into a new EUR frontier (beyond the red trend line). So should I be ready to sell off some Euros yet? No, it is still early to let go of the EUR since last week. A few more days to see the progress of EUR will be good.

How about for my USD trade? Well, an excess of the support at S1 will have one looking at the potential for the price to reach a main support at S2. Upon reaching S2, the price is already lurking close to USD territory. That could change the current EUR bias altogether. I’ll have to keep the price in check for USD as well. No USD to MYR transaction for me this week, perhaps this Saturday.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

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