thetradersclub - Daily report EUR/USD

[forex618]

March 16, 2009 [FOREX REPORT]

G7 FOREX REPORT

All trades are subject to a clear signal given as per the G7 system at thetradersclub

EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.2550

Key G7 support levels: 1.2950, 1.2850, 1.2750

Counter-trend opportunities:Strategy: Whilst above the weekly trend reversal level, buy dips to support levels after
an entry signal.

Today's trade suggestion:

The euro has maintained upward momentum and there is no change to the strategy: Lastweek’s bullish candle was confirmation that we may well have found a medium termbottom in the euro. We have all but reached the key 1.3000 level, and after closing abovehere on a daily basis, we will be turning our eyes towards 1.3300 and 1.3600 (see weeklychart Fibonacci levels). For now we look to buy on dips to the levels above with an initialtarget of 1.3000 and then 1.3300. The euro has been kept quiet for the past 6 weeks, sothis week could be a bit more dramatic

Summary:

Buy on dips to support levels (after a reversal signal), stops below the reversalsignal, target 1.3000, then 1.3300.