Wednesday November 25, 2009 - 19:25:29 GMT
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ShareThis 0 Comments 0 Recommendations FX Times: Technical Updates Daily Technical Update EUR/GBP Reassess Short-Term Outlook
12:59 PM EST
November 25th, 2009
EUR/GBP Monitoring and Reassessing the 4H Setup
- 4H: The powerline to be broken should have been
0.8080, not 0.8090. The 0.8090 was broken, but the market rallied
immediately from 0.8080. (Refer to Daily Technical Update 11.23.09 EUR/GBP).
- Now the market is back at its short-term range resistance at
0.9060. The stop-loss based on 2.5ATR was 0.9120, with target to 0.8800.
EUR/GBP Reassessing Reward to Risk in Short-term Outlook
- 1H: This trigger was a bad-timing trigger as it
coincided with oversold conditions in the 1H time-frame, and neared it
in the 4H time-frame. An approach is to wait for a clean break, than a
minor correction. It was neighter a clean break, nor followed by a
- The rally however forms a very short-term intra-day setup at the
resistance of 0.9060. The stochastic is overbought in the 1H, and
nearing overbought in the 4H time-frame.
- A trigger that closes at 0.9040 would yield a 1.5 reward to risk ratio.
This is a very short-term outlook, and should reach target or be
invalidated within the next Asian/European session. The US session
after that is expected to be very quiet as well as US session during
the Friday that follow.
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsâ€™ transactions and as a result,
CMSâ€™ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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