Forex Signals - EUR/USD Blasts Off, Buying

on January 11 2010 12:22 AM

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4:19a GMT - Lots of volatility in the thin markets on Friday with plenty of news to feed it (the reason I stayed away) with the pair jumping 150 pips in 30 minutes, falling 100 pips in the hour following and then rocketing back up. That dollar's losses continued Sunday night and Monday morning as the pair rocketed upwards past 1.4500 resistance and is currently resting just above that level.

Daily Outlook: Resistance to the upside has been broken on the EURUSD, but the dollar index looks poised for a breakout in the direction of the USD so signals are mixed at best. The possiblity also exists this is a false breakout in thin early Monday trading to clear some stops before the pair begins its eventual trudge down. I will keep these things in mind as I cautiously look for opportunities to buy near support zone.

Trading Idea: Support I'm looking at is between 1.4430-1.4400, with long targets preferred above 1.4400 at 1.4430, 1.4465, 1.4500 and 1.4535.

(click to enlarge)

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