EUR/USD Technical Analysis on 28th September 2010 3.05pm (Singapore Time)
Good day Forex traders!
Lets look at the chart below.
euro dollar analysis
Looking at the chart above, I believe that there is a possibility of a correction in this pair. 1.35 is proving to be quite a resistance and the pair should turn lower from here before it makes its next move after this strong rally. On the chart, we can see that the price is trying to move below the 15ema which to me indicates a potential for the price to move downwards.
The MACD histogram is also showing a bearish divergence with prices going higher but the histogram making a lower high.
MACD is also showing that there is a bearish crossover.
Stochastics is also turning lower and have breached the crucial 80 point and is now at around 69.
I have taken a short trade at 1.342. Scalping trade.
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