“Better to have tried and failed, than not tried at all”

Cross =  EUR Daily below  (Courtesy of Advanced Get / E Signal)

It is beginning to look like a line of dominoes, one goes and they all follow. We are still not clear  100% on Greece, despite the resignation and now the baton has been passed to Italy, whose leader looks to have also resigned at the 1st hurdle…………

Our last blog gave a full insight of where we were with the Euro prior to the fun and games of the last 7 days, refresh your memory by clicking on EURO.

Both Weekly and Daily charts are now showing weakness and momentum is in favour of the trend (Down). Both of the Emma sisters are now in agreement since our last visit and today with an average move of 193 pips, we saw a move of over 330 pips, breaking below our previous low.

This may well have triggered those conservative ones amongst you into the trade. I would imagine an amount of profit taking, however next support is around the 1.3200

1, 2, 3 shows Resistance with Previous High, VI and RN accordingly, 4 shows Support that has been broken by today’s large candle, which may pullback tomorrow on profit taking and also the more conservative support being the previous lower low. 5 shows MACD currently below the centre line.

You will see we have plenty of COE.

Remember we are always looking to trade with the trend.

Be patient.

Remember PRICE is your number 1 indicator, Support & Resistance is your second. Keep it simple.

Please do your own analysis before entering a trade.

PLEASE READ THE OTHER FREE BLOGS TO IMPROVE YOUR EDUCATION.

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Trade with Passion

John Maher
Forex Analyst