Tuesday 1 November 2011

EURUSD...support or just passing thru?

This is a simplified view using multiple forks and ML's all drawn automatically (after you choose 3 pivots manually) using the MQ4 custom indicator which i have tweeked for my needs. If you look closely the 240 min chart clearly shows that price is effected by reaction lines from more than one fork at any one time. This retouch looks like a support level and we could see a retracement back up to test 1.3800 perhaps then going lower. It all depends on the pattern price leaves after this pivot is formed. Price moved along sideways the ML at 1.3830 ( lower chart) but after Papandreou's announcement fell through...see the retouch?

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