Saturday, August 8, 2009

The week ended with EURUSD being shorted down to 61.8% Fibo level on H4 chart. It's really interesting to see how price ended every Friday, most of the time it will be left in a position hanging in mid-air awaiting monday to determine where is the next course of action.

From the chart, it is really bearish for the EUR, however uptrend is still intact on H4 and with the moving average far away from the price on M15 and H1, there may be some scalping opportunity on monday's asian session on the upside with profit potential around 1.4225 which is the 50% Fibo level and 100EMA of H4. Let's await to see how next week unfolds.....

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