nmike

EUR / USD update (daily)

Short
FX:EURUSD   Euro / U.S. Dollar
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11
This was a picture perfect CLONE HIT.The reason why cloning works is that more often than not price movements tend to move with equal up and down swings. They also plot support and resistance levels, but the best thing is that CLONES give you price projections.Like any other technical tool, it is best used with other indicators for further confirmation.One that works well with CLONING is the Fibonacci levels. The EURO has broken the up channel with a big red candle. The two near term downside targets are 1.3170 and if that doesn't hold then the next target is 1.3000. As I always say in most of my commentaries , MIND the DIVERGENCES.

Comments

....EURO is having difficulties rising above reference channel, we had a MACD negative divergence at reference channel top, could see Euro fall back to red line support near term
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....could not break reference channel...now holding at red line support
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hit and run?
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....after a fake out at trend line support the Euro is continuing it's down trend, next support is at around 1.2800
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very nice ..... you are the best of the best ...
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...the EURO has bounced off a resistance line, next near term target is the top of reference channel
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>>>ALERT>>> clone BREAK....
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what i do. EURUSD Buy or Sell ? today
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nmike velu1986
for short term day trading it's hard to say, daily swing is now short
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Need to include descending channel clone.
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