November 27, 2012



eurusd consolidating selloff

The single currency still move in a narrow range between 1.26 - 1.32 since beginning of September 2012. With a temporary bullish move after the international lender agree on a new debt upon Greece.

According to the market rhythm method, the resistance stays at EMA 365 = $1.3050 on the daily chart with a potential pull back to the area of SMA 200 = $1.28. 

The MACD already shows the round top pattern = sell signal with the risk above 1.3020 and targetting the 200 SMA will provide RR 1:1 or around 100 pips.

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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