+90 Pips Again – Forex Daily Analysis

EURUSD rally helped us make +90 pips again in Live Trading Room. We took two long trades netting a total of 90 pips.The rally was primarily due to traders jumping in early expecting FOMC will deicide in favor of QE2.0

On the technical side, EURUSD daily candle closed above the upper trendline, signalling further upside movement to come. If you are looking to buy then wait for price to re-test 1.3990-80 level. Institutional and bank tradersĀ  who are already long from yesterday are more likely to add more to their position on this dip.

(click on image to enlarge)

(click on image to enlarge)

I won’t be surprised if market move sideways until the FOMC announcement later in the day. However if see momentum prior to the news we will trade as usual.

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2 Responses to “+90 Pips Again – Forex Daily Analysis”

  1. Max 3 November 2010 at 12:54 pm #

    FOMC is most likely to go for QE, EURUSD may reach 1.4500 before the end of the year

  2. kevin 3 November 2010 at 10:23 pm #

    Longer term this pair could be in an Elliot wave 4 triangle with wave 5 targeting 1.42 to 1.45. The current rally would be labelled a wave D with E down poised to begin.

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