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Forex Technical Review 4/07/08

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tsafi   Monday, 04/07/08 07:37:55 AM
Re: None
Post # of 268 
Forex Technical Review 4/07/08

The pair is floating between two key Fibonacci levels and is now showing bearish price movement. The 4 hour chart is showing a distinct bearish cross, and the daily RSI is floating around 50 which indicates that the bearish trend might continue. Next target could be 1.5620 i think we are going to make it for shoer term.
The bullish trend stopped by a moderate corrective move which took the pair to the 1.9900 level again. There is a bullish cross forming on the 4 hour chart which indicates that the bullish reversal is quite imminent. Going long with tight stops for today.
There is a very distinct bullish channel forming on the 4 hour chart as the pair now floats in the middle of it. The bullish momentum is back, and the slow stochastic is showing that there is still much more room to run up. Next target price for me 103.10.
The pair has been traded in a range for a while now, and no distinct signal has been received on the daily level. The 4 hour chart is showing mixed signals yet the Bollinger Bands are getting much tighter which indicates on a possible close break. can swing in on any direction will skip trading this for today.

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