Forexpros.com Daily Analysis - 07/09/2009

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Forexpros Daily Analysis Sep 7, 2009


- Sharpening Your Edge: Recognizing the Candlestick Patterns

Expert: Andrei Pehar
Date: Thu, Sep 17, 2009, 11:00 EST

Learn to predict where price is likely headed next using the only 6 candlestick patterns you ever need to know. No more need to memorize dozens of patterns or go through stacks of books - just about every other formation you'll run across in your trading is a variation of these basic 6, and once you know them you'll be able to recognize the early warning signs of both continuations and reversals.
Join leading fund manager and trading coach Andrei Pehar for this next exciting installment of the Sharpening Your Edge series.

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The Euro is trying at this very moment to break the falling trendline from Aug 27th high, which is a trendline that frustrated the Euro on several occasions recently. If it succeeds, there will be a big probability to surpass 1.4405 and head towards areas above 1.45 for the first time this year, where targets such as 1.4510 and 1.4572 are waiting. To consider that this line is broken, we need to see a break of 1.4338. If this line survives another test and managed to stop the Euro once more, we will head to 1.4295 and a break here then we will see a correction of Friday's rise, targeting 1.4245 ideally. If this is the case then this support will be very important to decide short-term's direction. But even if such a drop happens, it will not distort the technical image before breaking 1.4245, since approaching this support and not breaking it would be a positive sign for the Euro, giving it the ambition of flying above 1.45.

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