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25/03/2014: I have just sold EUR/USD @ $1.38177


$1.3824 has been a pivot level on the intraday chart for a while and I believe this recovery today is a chance to sell. I view yesterday’s spike higher and lower as just a blip as once more the resistance band $1.3820/40 is acting as a barrier to gains.

The large top pattern on the intraday chart remains in place on the move below $1.3832 and there is a downside bias now to Euro/Dollar. I expect the $1.3748 key intraday low to be tested on the way towards the implied target from the top pattern at $1.3700.

I have placed my stop at $1.3855 (38 pips) which is above today’s high at $1.3846 and above the falling 200 hour moving average (currently $1.3854)


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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.