Forex Trade Alert for EUR/CAD |Sell Signal

Forex Trade Alert for EUR/CAD.

Forex Trade Alert for Friday Jul 09, 2010.

A sell signal was confirmed when this currency pair EUR/CAD closed below 1.3140 on Jul-09-2010. 4xGenie Action: ==> Sell this curre at 1.3085 or better. Stop at 1.3424. Wave 5 could drop down to 1.2889 or to 1.2497. The market closed below the middle fibonacci fan line. Prices should find support on the bottom fan line. NOTE: A consolidation of price movement or a price correction may be underway.

Next Day Trading Ranges for Friday Jul 09, 2010.

The 20 day moving average of the daily trading range is 156 Pips and the 60 day moving average of the daily trading range is 172 Pips. This shows that volatility has decreased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 69.51 percent. This means that if this currency pair does not rise more than 39 pips from the opening price then there is a 69.51 percent chance that this will be an downday.

The [R3] or the most extreme high trading range is 1.3454.

The [R2] or the extreme high trading range is 1.3355.

The [R1] or the high trading range is 1.3209.

The [P] or pivot point is 1.3110.

The [S1] or the low trading range is 1.2964.

The [S2] or the extreme low trading range is 1.2865.

The [S3] or the most extreme low trading range is 1.2719.

Next Day Alternate Stops for Friday Jul 09, 2010.

The red line to the right on your chart is an extreme support or resistence level for the next trading day.

A good alternative stop is one which is placed just beyond this extreme support/resistance level.

In this particular case if the price rises above 1.3355 then that would show momentum against 4xGenie‘s short position and that would be a break out to the upside.

Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.