Thursday, October 11, 2012

EURUSD Long Trade Setup

On daily chart, EURUSD is about to test the upper trendline of descending channel. This area also coincides with 200MA and rising trendline. 

It looks like a good support area and is expected to hold. Channel's upper trendline should become resistance-turned-support and price should bounce from that area. EURUSD Daily

I plan to go long near to 1.28 handle with a stoploss at 100MA. And will add to long positions at 1.2760/70 area near to horizontal resistance area.This is resistance-turned-support and has provided support previously.

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