Forex Technical
EURUSD Daily Close - Key factor for direction
April 30, 2010
Gary Fichardt - FxBigDog
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Chart Analysis
Traders have been watching the EURUSD in the last week, trying to make sense of the trouble in Greece and correlate the news to what the technical's are saying.
Short term sellers have been taking a beating in the market as they position themselves short off the key resistance at 1.3266.
What traders are looking to do before the weekend is absolutely nothing, until they get the daily close above 1.3266, all they will do is watch. Once that is confirmed, then moving to the lower time frames for short-term buying will be the order of the day in next week
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Analysis
Now although the short-term traders have been taking a beating on the tighter stop loss placements, the intermediate swing traders are still holding on to the shorts. But key elements will be important for those traders to see confirm when making final decisions whether to hold or cut the position.
Some traders will be looking at the close of today, expecting it to hold below 1.3266, and then the seeing the hourly low at 1.3224 to be taken out. On the upside, stops seen above 1.3414 might be targeted if 1.3266 holds.
The daily close holds the key to the buyers and sellers with the EURUSD, short-term traders will be bench warmers until next week.
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