Thursday September 16, 2010 - 14:33:15 GMT
Share This Story
Forex Hound - www.forexhound.com
Euro Momentum Takes Out 1.3049 Fibonacci Objective
A strong surge in upside momentum this morning drove the
Euro higher and straight through a Gann Angle/Fibonacci Level Cluster at 1.3044
â€“ 1.3049. The market has since peeled back after the break out and is now
resting on this cluster. Traders should watch this area today for direction as
it is most likely to act as a pivot.
With the market up over .0400 since the recent bottom at
1.2644, itâ€™s highly unlikely that new money will buy the breakout because of
slippage. However, aggressive traders may take a look at the long side
following a break back to the 1.3049 â€“ 1.3044 zone.
The strong surge to the upside and the lack of
follow-through may be an indication that todayâ€™s move was exhaustion but we are
not going to know that unless the 1.3049 â€“ 1.3044 cluster fails to provide
support. In addition, a closing price reversal today will be a strong
indication that this rally is over at least in the short-run.
Basically, the overnight rally reaffirmed the uptrend, but
the key to sustaining the rally will be whether fresh buying comes in on an
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."