Daily Forex Review Reviewing the foreign exchange and currency market

Forex Review 21/07/2010

Limit Order
SELL EUR/GBP @ 0.8420 - SL@ 0.8465, TP1@ 0.8360, TP2@ 0.8320

The pair has made double top in the last two days and started to decline since then, also the pair has broken the moving average line and trading below it till now, the RSI is below the 50 line which support a short trend, therefore we believe that the trend continues to decrease.

SL is located above the resistance we can see on the one hour forex chart.

TP1 is located at the first support level  on the one hour chart.

TP2 is based on the lowest price which is the second serious support line on the one hour chart  .

All analysis is based on the 1 hour chart.

For Questions comments and further information call us at + 357.220.226.68.

Last price: 0.8429

Forex Strategy for Today!

Limit order:

Buy EUR/CAD @ 1.3705 – SL @  1.3600, TP1 @ 1.3795, TP2 @ 1.3848

The pair has been rising for the past week, making strong rapid movement with a daily volatility of about 200 pips. For the last couple of days it encountered a resistance, creating a bull flag pattern. If the pair breaks up again, we might get another day of strong uptrend. Entrance at 1.3705 offers a relatively quick trade with a risk/ reward ratio lower than usual, but bigger success chances, common for this type of pattern.

All analysis is based on the 1 hour and the daily chart.

For Questions comments and further information call us at + 357.220.226.68.

Last price: 1.3640