Saturday, July 30, 2011

Euro update July 29, 2011

Euro printed a higher relative volume hammer-like candle. This suggests that the last 2 days were a retracement and it is ready to move higher. If it breaks out of the triangle consolidation and closes above the recent resistance levels of 1.4500, then the likely upside target, using the triangle consolidation's range on the wide opening, is around 1.5430, which is around 1050 ticks from today's close.

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