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Forexpros Daily Analysis - 08/12/2010

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Dec 8, 2010.

  1. forexpros2

    forexpros2 Member

    Oct 20, 2009
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    ForexPros Daily Analysis December 08, 2010

    Free webinar on ForexPros - Using Fibonacci ratios to manage your trades efficiently

    Expert: Sunil Mangwani

    Start: Mon, Dec 20, 2010, 10:00 ET
    End: Mon, Dec 20, 2010, 11:00 ET

    Fibonacci ratios are a very popular tool among technical traders and price has an uncanny way of respecting Fibonacci ratios.
    There are different kinds of Fibonacci ratios like, retracements, expansions, projections, fans etc, and each of them have a different characteristic and a different use.

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    The EURUSD pair has hit a major support at 1.31948 and has moved back up.

    However, from my previous analysis of this pair, it has broken down the major support on the daily chart.

    On the 4 hour chart, you can see that the price is unable to create higher high which is a sign of weaknesses in the buyer.

    As a whole, I will continue to look for short opportunity for this pair as long as it breaks below the 1.31948 support level.


    Forex Trading analysis written by Kelvin Lee for Forexpros.


    Trading Futures and Options on Futures and Cash Forex
    transactions involves substantial risk of loss and may not be suitable for
    all investors. You should carefully consider whether trading is suitable for
    you in light of your circumstances, knowledge, and financial resources. You
    may lose all or more of your initial investment. Opinions, market data, and
    recommendations are subject to change at any time.

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