More often than not, simply using a daily high or low as an indicator can be the most effective form of technical analysis. Even non-technicians are well aware of this simplest form of technical analysis and use these levels in their day to day trading.
EURO/DOLLAR DAILY
The key level to watch over the coming session in the FX market is undoubtedly the 1.2515 (1.2513 exact) low set back on February 18 in Eur/Usd. The level represents a recent trend low, the low for 2009, and the lowest point since November 21, 2008. As such, we would expect to see some major stops built up below the latter with a break of this level to more likely than not expose a direct retest of another more important low at 1.2330, the October 28, 2008 multi-year low.
Written by Joel Kruger, Technical Currency Analyst for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail [email protected] and you will be added to the "distribution" list.
Joel Kruger publishes 6 daily pieces:
“Tech Talk” – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade.
Monday-Friday (between 5:30am-6:30am EST)
“Morning Slices” – Morning Overview using Fundamental, Technical, Flow, and Quantitative Analysis (Includes “Trade of the Day”).
Monday-Friday (between 6:30am-7:30am EST)
“Indicator of the Day” – A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
Monday-Friday (between 8:00am-9:00am EST)
“Cross Country” – A Midday Fundamental Update, along with Technical Analysis of Selected Cross Rates.
Monday-Friday (between 10:30am-11:30am EST)
“Scandi Daily” – A Specialized Daily Fundamental and Technical Overview of the Nordic Currencies. (This report is only distributed through email. Please contact [email protected] if you would like to be added to distribution.)
Monday-Friday (between 11:30am-12:30pm EST)
“Daily Classical” – A Daily Technical Overview of the Major Currencies.
Monday-Friday (published between 2:00pm-3:00pm EST)
