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Forex Trading On January 10, 2012

Click Here To Watch Video Live Webinar From Tuesday, January 10, 2012
Live Webinar From Tuesday, January 10, 2012
Video Running Time:1:05:27

Tuesday, January 10, 2012

We started today's webinar by discussing the reasons behind the short covering rally in the EUR/USD pair. Since the Euro had been too far extended to the downside and there was an overwhelming number of speculators positioned short for this instrument, this market correction was expected to happen due to technical analysis & simple price behavior. As traders began to cover their shorts & take profit, this drove the market price higher. Some analyst believe that this market correction is necessary ahead of the next trend extension down to the 1.20 level.

In this webinar, we discuss the role of the fibonacci retracement tool and how these levels of support & resistance can be used to identify potential areas of reversal and continuations in a trend. Drawing in your fibonacci retracement can also give you an idea of how much farther price can retrace before you see signs of bullish-bearish continuation or bullish-bearish reversal.

Towards the end of this video, we entered a few live trades in the EUR/USD pair.


Forex Trading On January 10, 2012

Click Here To Watch Video EUR/USD Daily Technical Analysis For Tuesday, January 10, 2012
EUR/USD Daily Technical Analysis For Tuesday, January 10, 2012
By: Marvin P.

Tuesday, January 10, 2012

For the past two days we have been in a corrective rally as a result of short covering. But, now the pair appears to be well contained below resistance at the 38.2% Fibonacci retracement of the last major leg down. This may be a sign of bearish continuation, which means that we should look for an opportunity to re-position on the short side of the market.

I am sending you a video of today's technical analysis review for the EUR/USD currency pair and my view on what price will do ahead of Thursday's ECB meeting and Italian & Spanish Debt Auction.  You will hear a brief review about the price behavior of the EUR/USD currency pair, known areas of historic support & resistance, and good trade opportunities you could have placed during the trading day.


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