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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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Tuesday, August 21, 2012

A View of EUR/USD in 500 pip Segments

Each candle on the chart below of the EUR/USD forex pair represents 500 pips. The current candle bounced from a Fibonacci and price confluence support level on July 10th of this year at 1.2041 and has rallied 446 pips, so far. Should it continue to advance by a total of 500 pips, it would put price at 1.2541, which is at a confluence of price and Fibonacci resistance.

You can see that this 500 pip level, as depicted by the two white horizontal lines, represents a major level of support and resistance. A break and hold either above or below this "500 pip zone" would set the stage for the next move up or down over the ensuing days/weeks...an important zone to monitor.


P.S. Price target of 1.2541 was hit in 'After Hours' trading on Wednesday, August 22nd...a new 500 pip candle has begun...let's see where EUR/USD goes from here!