Wednesday, June 15, 2011

EUR/USD Price Targets 6/15

After the divergence shown in purple on the hourly EUR/USD charts has finally come in, and in a strong way, we start to look for a profit target for this trade. We can see the price extension in yellow for the last major move down, shown projected from the top of the most recent retracement upwards. The 50% level will provide good resistance to the upside as it lines up with the recent low peak (@1.4307ish) and will probably be the indicator to get out. I have pulled a small part of my position off at the open today as butt agaisnt the 61.8% level of the extension, but ultimately we look to target the 100% (@1.4117) in this move. I will be holding the rest until we get there or break the aforementioned 50% level firmly.

1 comment:

  1. If you had got in on this position, and were waiting for our 100% price target, I would consider pulling off most to all of your position here (@1.417) as Dolemite has told me he had strong resistance at 1.416 which is near the lows today.