The EURUSD made another moderate bullish momentum, topped at 1.4766 and closed at 1.4743. The bias remains bullish in nearest term with potential targets at 1.4825 (September 23 2008 high) and 1.4867 (September 22 2008 high). On h4 chart below we can see that the pair still trapped in the rising wedge area and we really have just a very little room left before the break. I think I will keep out from the market until we have a break from the rising wedge. The best place to put a long position is still around the rising wedge lower line but with only so little room left in the rising wedge, the risk-reward ratio is not too good at this phase. I know this situation really test our patient. It’s clear that we are in bullish momentum and Dollar remains under pressure but I can not (and will not) ignore any potential reversal/correction signal. Immediate support at 1.4630 followed by 1.4550.
No comments:
Post a Comment