Key Levels

August 6, 2008 at 4:06 am Leave a comment

By FX Insights

Key Levels


Prices are moving up but there’s not much momentum behind the move. I’m expecting a test of the 1.5500 level and if it breaks and runs out of steam, I’m shorting it. 

Key upside levels:

1.5498
1.5518
1.5533
1.5548
1.5562

Key downside levels:

1.5448
1.5429
1.5401
1.5378
1.5354

Be advised we have two big event today: German Factory Orders, which should suck. I’m expecting a print below expectations in addition to a 45% probability of it printing negative. Then later we get crude inventories. With crude being in the limelight this week I can be sure that report will cause the market to jump and the euro to follow which ever direction that jump is in.

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Trade Team Update – – 8/5/08 Taking Profits — Knowing When & Why

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