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March 16, 2009 [ FOREX REPORT ]
G7 FOREX REPORT
All trades are subject to a clear signal given as per the G7 system at www.thetradersclub.com
EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2550
Key G7 support levels:
1.2760, 1.2700, 1.2650Counter-trend opportunities:
Strategy:
Whilst above the weekly trend reversal level, buy dips to support levels afteran entry signal.
Today's trade suggestion:
Last week’s bullish candle was confirmation that we may well have found a medium term
bottom in the euro. We have all but reached the key 1.3000 level, and after closing above
here on a daily basis, we will be turning our eyes towards 1.3300 and 1.3600 (see weekly
chart Fibonacci levels). For now we look to buy on dips to the levels above (1.2760
perhaps the most important) with an initial target of 1.3000 and then 1.3300. The euro
has been kept quiet for the past 6 weeks, so this week could be a bit more dramatic.
Summary:
Buy on dips to support levels (after a reversal signal), stops below the reversal
signal, target 1.3000, then 1.3300.