Friday, October 21, 2011

EURUSD Technical Chart | 20-Oct-2011

Here is a quick summary and strategy for current EURUSD currency pair trading.

EURUSD Technical Chart
EURUSD Technical Chart

Doda-Donchian and Doda-bollinger bands both have given Sell signal at current levels. But look at the chart carefully. EURUSD is trading inside / near kumo levels, which itself is a high resistance / no-trade area. So, avoid Short selling at these levels and watch the next signal if the price closes above Doda-Donchian, confirmed by Doda-Bollinger bands.

On the downside, I would recommend short selling here if the price CLOSES below kumo.

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