Daily Outlook 30.01.2008 by Dimo Dimov
The rise started from 1.9336 in significant but I think it is corrective in nature. Whatâ€™s more, my working count suggests that wave C of it is a terminal impulse 9ending diagonal) which suggests a fast and sharp fall with minimum requirement 1.9462. With an eye on these thoughts I entered short position. A key resistance is 1.9947 and a break above it will made the situation bullish.
Trading strategy: 10:05 EST; 15:05 GMT
Short position from 1.9885, move the stop loss from 1.9980 to 1.9955, target â€“ open
Add to the short position on break of 1.9865 (sell stop order at 1.9864), stop loss â€“ 1.9925, target - open
Confidence level â€“ changed from low to medium
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.