Monday December 14, 2009 - 19:13:04 GMT
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FX Times: Daily Technical Update EUR/USD Stalking Gartley
12:33 PM EST
December 14th, 2009
EUR/USD in Minor correction
- 4H: The EUR/USD has a short-term support at
1.4600, though its intermediate term projection is the 1.4000 area .
There may be a short-term correction rally during the rest of the US
session today. If the correction stops before breaking apex of the
triangle pattern conservatively at 1.4730, we may have further decline
to the 1.4000 area.
- 1H: In the near-term, if the market rallies
towards the 1.4730 area, it is devleping an â€śabcdâ€ť retracement, or
gartley pattern. This is the area between 61.8% and 78.6% retracement
of the last downswing. Using 3 ATRs, a stop-loss may be defined at
1.4815. With a swing projection to 1.4520, this setup has a reward to
risk ratio of about 1.56. This is also based on an anticipated level
for the trigger to be about 1.4700.
- A near-term support broken after topping action at the 1.4730 area
could be a trigger. The parabolic SAR may be a type of re-entry
trigger. Another trigger could be a bearish move to break below 1.4680
after testing 1.4730 area as resistance.
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
any trade recommendation provided by CMS or any of its solicitors.
Foreign currency trading involves a substantial risk of loss and may
not be suitable for all investors.
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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