WORLD FOREX INFORMATION

Written by Britt Maras on July 13, 2009 – 5:20 pm -


Forex Traders see EUR/USD Face Key Resistance Levels



My classic July Tsunami is trying to form in the U.S. Dollar Index. I do not trade the Index but I prefer to focus on the next best place to trade the Dollar, in my opinion, as seen in the EUR/USD or GBP/USD. On a daily basis now the European Central Bank (ECB) is striving to talk-down the pair by honestly acknowledging the economic struggles in Europe and of course the rest of the world. In tandem with this, European banks are facing a high debt load with the normally high savings deposit rates by their customers; equilibrium usually prevails.



On a serious note – an increase in Dollar strength is much preferred fundamentally for the world economic outlook as a strong Dollar is in the world’s best interest. That’s my professional opinion anyway.



Currently the eur/usd is still mired in a bunch of nasty noise. Today we tried three different trades for stop loss of -2, -5 and minus 7. Our first trade was a bear call from 3955 that cleanly ran down to the mother load of support at 3913 as noted in my article yesterday afternoon. We desired a breakdown so instead of booking in excess of 35 pips, we stayed in the trade for minus two in effort to not get jigged out. Needless to say, this was one bird-in-the-hand we chose not to take this time.



Now onto the price map:



Resistances: 1.3993, 1.4031-65, 4111, 4147, 4255, 4313



Supports: 1.3955, 3927, 3901, 3860, 3811, 3777, 3723, 3604, 3539, 3339



I am camped out for the big move that I believe is pending. I feel the boomerang is coming and it’s going to be ugly. Chip-Chop! If no boomerang, we’ll follow the leader!



We should have some Market Timing Forex Signals:



Tuesday June 14th 1:30 – 2:15 a.m. for 3.5 hours duration with strong price action.




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Good trading to you, and do not over leverage or over-trade.

Britt Maras – Senior Currency Strategist