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March 12, 2009 [ FOREX REPORT ]
G7 FOREX REPORT
All trades are subject to a clear signal given as per the G7 system at our site
EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2450
Key G7 support levels:
1.2710, 1.2650Counter-trend opportunities:
Strategy:
Whilst above the weekly trend reversal level, buy dips to support levels afteran entry signal.
Today's trade suggestion:
We have moved steadily higher in the first part of the week, with an excellent opportunity
to buy the euro at 1.2550/1.2600. We are now at 1.2850, and probably heading to our
first target at 1.3000, and then possibly higher. Either hold long positions for the target or
(if you didn’t get into the long trade) wait for dips to 1.2710 or 1.2650 before buying for
1.3000. It may be that as bullish momentum is increasing, that these buying opportunities
will be hard to find.
Summary:
Buy on dips to 1.2700/1.2650 (after a reversal signal), stops below the reversal
signal, target 1.3000.