Technical Trading Update Feb 21 2011

Technical Trading

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.3665

Overview – Last week we saw a push back to the 1.3700 area capping just under the previous weeks high. As long as it continues to hold under 1.3740 will be looking for the potential return back down to 1.3400. A push through 1.3740 will retest the 1.3850’s then back to 1.4000.

Resistance – 1.3708 / 1.3740 / 1.3790 / 1.3824 / 1.3858

Support – 1.3640 / 1.3620 / 1.3574 / 1.3547 / 1.3500 / 1.3460

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GBP/USD – Current 1.6216

Overview – I have been watching the test of the top of

Technical Trading: EURUSD Reversal

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This week we saw two currency pairs set up with just about perfect reversal chart patterns. I will outline it here on the EURUSD but you should look on the AUDUSD for it on the Daily chart.

A head and shoulders pattern consists of 3 peak highs, the left shoulder, the head and the right shoulder. The left shoulder is established when

Top 5 Forex Trading Books

Education, Forex Trading, forex trading books1 Comment

If you are thinking of venturing into the Forex market, the best way to learn to trade is to read some relevant books. You get all kinds of subjects covered in Forex trading books. This article will review the top five best-selling Forex trading books to date. All five are highly recommended by expert traders, who have made fortunes in this business.

Forex Trading Using Inter-market Analysis

This book explains the general dynamics of the exchange market, which is considered to be the world’s largest and the most widely traded financial market. It also provides information on the application of inter-market analysis to the Forex market. This book equips you with the knowledge that will help you understand and anticipate the changes in the trends and directions, and take actions accordingly. You will learn the influences that other markets have on the Forex market. It also lays emphasis on how all the various financial markets have become interconnected, and how they affect each other in today’s global economy.

Download Key Concepts For
Profitable Forex Trading

Day Trading the Currency Market

 

This book has the distinction of having been recommended by few of the top most traders of the Forex market. It is known for its

Technical Trading Update Feb 7 2011

Technical Trading

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.3520

Overview – The past two weeks have found support in the mid 1.3500’s and a new leg down could target 1.3400 for the next support. Long terms trends on the daily and weekly are difficult to discern so I will continue to watch for breakouts on the 1 hr and 4 hr charts.

Resistance – 1.3628 / 1.3667 / 1.3737 / 1.3791 / 1.3824

Support – 1.3490 / 1.3413 / 1.3279 / 1.3187 / 1.3078

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GBP/USD – Current 1.6105

Overview – I have been watching the test of the top of