Wednesday 27 August 2014

EUR/USD Didn’t Recover That Gap




Just as I thought, EUR/USD did not recover that gap that formed after the market opened on Monday before it started falling again. However, this pair was so oversold that some correction was inevitable. Naturally, a doji formed in the 4 hour filter chart and the price started climbing. The way I see it, the initial target is likely to be 1.3200 and should it break through the resistance there, it will probably reach 1.3250 and finally recover that gap. Personally, I started buying when I saw the doji in the 4 hour filter chart.

4 comments:

  1. It needs a very strong fundamental to make it go back up and cover that gap.

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  2. The EURUSD rose during the course of last day session, testing the 1.32 level. Being an area of significant resistance, the gap lower that happened at the beginning of the week is still in effect and it should act as resistance, it should offer nice selling opportunities.

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