Week of July 30, 2008-American Session

The EURUSD continued to move lower today reaching 1.5521 as of this writing. Look for prices to hold below 1.5568 as this is the 50.0% of today’s 1.5616-1.5521 fall, as with any strong trend 38.2’s and 50’s tend to hold and provide favorable entry points with trends. However, any sustained break of 1.5596 intraday would confirm further upside with risk for a move towards 1.5639 which is the 38.2% of the recent 1.5757-1.5521 fall. Elsewhere, GBPJPY and AUDJPY moved lower today in European session, however, GBPJPY has since moved back up to test the 61.8% of the 214.75-213.26 fall at 214.20, as a sustained break targets 216.60-214.75 zone while prices should hold above 213.80. As to trading, Forex Signals Plus has now been profitable 13 of the 14 weeks since introduction of our service. In the futrue, we will attempt to make daily post so as to give our subscribers an idea as to what our outlook is for the session ahead.

More updates later.

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