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Intraday Rollercoaster Fails to Break Key Technicals

Last updated 3/24/2009 3:55 PM EST (GMT -5) 0 Comments - Add your comment

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FX360 Technical Analyst Staff

Technical Analyst, GFT

Not much to report today in terms of new short-term technical setups as the greenback saw relatively little change on choppy yet volatile intraday trading. The most relevant short-term setups are still those posted in this morning’s report, " Intraday Technicals: EUR/USD Dip May Trigger Long Opportunity "....

Our EUR/USD buy at 1.3436 with risk to 1.3354 and targets at 1.3518 (T1), 1.3828 (T2) is near execution. The entry is defined by bullish butterfly pattern completion discussed in this morning's report along with detailed chart examples ( here ).

We are still short GBP/USD at 1.4741 from this morning's report. With prices currently trading around 1.467, and considering the bullish EUR/USD signal, we will now take partial profits (1/2 position) at market and move stop-loss to break-even (1.4741) in order to assure a profitable trade (see charts here ). We will look to let remaining profit run to our initial profit target at 1.4605 (T1), and will disregard T2 at 1.4426.

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