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Week of August 6, 2008-European Session

Earlier in today’s session we had several profitable trades with our best trade a EURJPY buy for a nice intraday profit. Our August results already at +200 pips and we are beginning to see evidence of early trend develpoment much as we witnessed in May and June . The EURUSD has closed below the 100 day EMA for the first time in 2008, (please read yesterday’s update) and this along with a couple of other confiming indicators suggest EURUSD will head much lower in the days ahead with 1.5302 as the next target. At this writing, 8:30 GMT, we have several developing trades which hopefully will confirm around 10:00-12:00 GMT today. The EURUSD, GBPUSD and AUDUSD are all setting up for potential strong sell confirmations with initial targets at 1.5300, 1.9400, and 0.9019 in the days ahead, while USDCHF is nearing a buy confirmation with the eventual taget of 1.1012 (38.2 of the 1.3283-0.9609 fall). These trades have not confirmed as of this writing, but may confirm during the 10:00-12:00 GMT period today. We will have additional updates later.

  • Posted by adminfx
  • On August 6, 2008
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