EUR/USD – Daily analysis – RSI, Bolinger Bands, 800 SMA setting up a trade

by jennifer on February 24, 2012

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Good morning Trader Friends,

I’m so glad Rob posted his pivots chart this morning showing EUR/USD missed pivots higher and lower than where price is right now. I’m with you Rob, I love pivot points!

Further to Rob’s analysis this morning, I have a daily chart to share:

1. Right now price is outside of the upper band. That either means it has some power behind this upward movement or it means the market had a little bit of an emotional over-reaction. So which is it? To help me answer that question I look at the RSI.
2. RSI – Right now the 70-line is holding. If RSI can go over the 70-line, that is bullish for me and I’m looking to go with the bulls for a shot at Rob’s missed pivot, 1.3578. If the RSI turns down at the 70-line, I want to go with bears for a retracement move back to the level of the inner upper band. There are 170 pips of room in there, that’s plenty of room for me to capture 50!

Have a wonderful weekend!!

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