Installing fakey EURJPY we discussed in our comment from 9/28 drove past resistance around 114.75. This price action configuration provided ruthless traders a reward of solid risk of 1: 2 and maybe more should prices continue to push further up next week.
Price closed just above the previous resistance around 114.75, an interruption of solid above this level next week will probably a greater thrust and this level of resistance flip to support Merchant could then watch. this level for possible configurations long develop next week.
Note also the bar pin formed yesterday in EURJPY which showed clear rejection of day 8 moving average, which was in line with the uptrend, this configuration of bar pin gave a further boost to rally today through overload resistance.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar weakened still today and fell to a minimum of 6 months against the euro after a Federal Reserve official in the United States said that growth has been disappointing, this strengthened if quantitative easing, which essentially means that the Fed may have to inject more money in the US economy.
Adding additional problems for the refuge dollar was a report that came out that manufacturing Chinese showed was stronger than expected that worked to stoke the fires of greater propensity to risk.
The euro rose to a maximum of 1.3784, its highest level since mid March against the dollar.
The Dow rose 41 63 points or 0.39%, the S & P 500 rose 5.04 points or 0.44% and the Nasdaq added 2.13 points or 0.09%.
Brak komentarzy:
Prześlij komentarz