Forex Trading Strategies -Is Eur Usd Coming Down?
Lets look at the daily chart as seen above. The eur usd has been heading up since the 4th of june 2010. And it is finally meeting the 150 moving average as shown in the highlighted oval.
To double confirm if there is further confluence. Lets look at the weekly time frame.
Price has too reach the 365 moving average in the weekly time frame. Remember guys, the higher the time frame. The greater the respect these levels come into place.
Now that we have 2 confluence together. It seems that price MAY actually head for a temporary down turn. Taking a break from its up trend.
We will now wait for price action confirmation to enter.