What ProAct Traders sees in the Forex starting the week of June 20th, 2010

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!




WHAT ProAct Traders SEE:  We have continued to march northward as the dollar continues to strengthen.  Looking to continue to the .786 retracement which is also the resistance - R6 of this move.  There is resistance also there from the day chart so expect sellers will enter there.






The EurUsd has moved approximately 500 pips off its yearly low.

At this juncture, price has tested 1.24 with still an upside resistance at 1.2467 (set 10/27/2008) as a triple top on the Hourly while also forming a head and shoulders. It’s also the end of the week. So, it seems quite possible that, with the pair having trended up for 2 weeks now, that a retracement / profit-taking session may be due.
Another test of 1.24 will likely lead to an extension of 1.2457-67. Will look for sellers there and a square up on Friday then back to the 1.2324(S3) or lower.


EURUSD upper target is 1.2499

Still room to go on this up move.  Next target is the 1.2456 (.618 fib extension and former top).  I think we have enough bulls to get to the .786 fib extension and the .786 fib retracement of the big down move.  Looking for sellers at that level.


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