Thursday, July 21, 2011

Where to re-establish longs in EURUSD ?


Attached is the hourly chart for EURUSD. It is easy to locate the control bar in this chart. I have marked off the top of the control bar and this should act as a good support. I would be looking for new longs at around 1.4330 and this aligns with the top of the control bar and is also a good area of previous support/resistance. Keep it simple.