Retail Forex Trader Analysis and Trade Setups by Howard Tsang

Friday, October 10, 2014

Will be interested to see how the week ends and where the candle will close (below or above the trendline / triangle we had on the weekly)

Yesterday's daily candle is a good signal for continuation
Next support comes in at 1.585 where we might get a bounce
If prices break this level, then the next support will be a strong one where it meets the mid point of 2013 as well as two strong fib levels of 161.8 fib, and 61.8 fib

- note the black lines are support and resistance lines identified using a line chart

Short preferred till next support at 1.585

Always take note of any economical news event on our provided calender below

We are approaching very rapidly to test 2014 lows, and with the strong pressure, I favor the targets towards 0.81 of this Decades Low

Always take note of any economical news event on our provided calender below