Happy Monday everyone!
Hope you had a splendid weekend. 😀 Now, let’s get down to business:
Last Wednesday, I posted in FX Watch about my keeping an eye on EUR/USD and today, I’m giving you an update on what has happened since.
Here is today’s chart at 9:30am PST:
The chart shows increased movement to the upside when compared to the chart posted on 3/11/09. There has been an increase of 175 pips to 1. 3025(click here for Wednesday’s chart which was at 1.2850) since then. Today’s high has been 1.3070, which was over 200 pips. This may not sound like much but there have been retracements(remember in Forex, money can be made whether the trend is up or down) and some consolidation between last Wednesday and today.
From my analysis, you should be able to see that so far, my prediction seems to be coming to pass. Let’s hope it continues so we can all be profitable from the results. 🙂 In Forex, it takes time for trends to come into place so, we have to play a waiting game to see what transpires and trade based on a thorough understanding of the market behavior. Remember: Confidence is key.