{"id":10443,"date":"2010-06-22T08:30:26","date_gmt":"2010-06-22T12:30:26","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10443"},"modified":"2010-06-22T08:30:26","modified_gmt":"2010-06-22T12:30:26","slug":"eurusd-correction-stalls-creating-entry-opportunity","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/22\/eurusd-correction-stalls-creating-entry-opportunity\/","title":{"rendered":"EUR\/USD Correction Stalls Creating Entry Opportunity"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Yesterday the dollar showed for a bit of strength in the face of the  two week EUR\/USD correction. This was due to doubts over the new  flexible Chinese fx policy.<\/p>\n<p>We can see from the daily chart that the  two week period of strength from the EUR may just be a short term  correction in the long term bearish trend for the EUR\/USD.<\/p>\n<p>Trend line 1 notes the long term trend line which takes into account  all the price action of the EUR\/USD\u2019s bearish move since December.  Sharper sloping trend lines are drawn below this. Trend lines 2 and 3  show when the bearish trend of the pair accelerated.<\/p>\n<p>The recent upward correction for the EUR\/USD shows a breach of trend  Line 3, but the appreciation halted at trend line 2, with 2 failed  attempts to close above this line. This shows significant selling  pressure at this trend line and at the price of 1.2460.<\/p>\n<p>Trend line 2 begins on April 15th. The second point of contact is on  May 10th, and the 3rd point of contact is yesterday. The three contact  points show the trend line is a significant trend line. Taking a  position when the price arrives at a trend line can be a good entry  opportunity into a trending market.<\/p>\n<p>Continued selling of the EUR\/USD should send the pair to its next  support level at 1.2150, with a further target at the swing low of the  daily chart at 1.1875.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/06\/EURUSD-Daily1.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/06\/EURUSD-Daily1.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex              Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and              may not be suitable for all investors. There is a   possibility      that     you   could sustain a loss of all of your   investment and      therefore  you     should  not invest money that you   cannot afford to      lose. You  should  be    aware of  all the risks   associated with   Foreign    Exchange  trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; Yesterday the dollar showed for a bit of strength in the face of the two week EUR\/USD correction. This was due to doubts over the new flexible Chinese fx policy. We can see from the daily chart that the two week period of strength from the EUR may just be a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/22\/eurusd-correction-stalls-creating-entry-opportunity\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EUR\/USD Correction Stalls Creating Entry Opportunity&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10443","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10443"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10443\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}