EURUSD Snapshot on the 4 Hour Chart on 22nd September 2010 (12.15 am)
Good day Forex Traders.
Lets look at the chart below.
euro dollar 4 hour chart analysis on 22nd September 2010
Looking at the charts we can see that eur/usd have bashed through resistance level 1.3337. So, is the pair going to head higher or will there be a correction to take the pair lower? I think that the higher probability trade at the moment is to short the pair. Indicators such as the MACD and Stochastic indicate that the pair is quite overbought. I expect the pair to retest the last resistance at 1.3337. If that breaks lower, we can see the pair heading back to 1.33 levels.
I will be monitoring this pair as the FOMC decisions yesterday have really caused this pair to spike upwards. I am looking to take a quick short position once I get the confirmation signals from my system.
Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com