Dollar Bullish on Friday,Will it Continue This Week?

05:14 AM (GMT +7)

Dollar strenght significant on friday, EUR/USD meet my first target and bottomed 1.4154 and closed at 1.4181. My next target should be 1.4100, but for sure I have to wait till EUR/USD give me a clear signal would dollar continue bullish or not. Time frame 4H give a signal that bearish on EUR/USD still in progress, nevertheless, from previous candle that already formed, it formed a spinning top that indicated bear power getting loss it power and might need a bounce up. My opinion supported by TF 1 H, that price already in oversold rea (RSI level 14). Possibility it will move up to 1.4238 - 1.4255. Nearest resistant that hold price turn to bullish back at 1.4273/80 if this could be through I will reconsider it and might will change my option to buy. But as long as price stay bellow, my main idea sell for EUR/USD.

So it is time for wait and see. I'm not decide what I want to do beside, this is monday morning, start of asian market would not good to determine EUR/USD direction. I will update this post soon after I make decision

TF 4H EUR/USD's Chart

TF 1H EUR/USD's Chart

UPDATE1 - 02.19 PM (GMT+7)


RSI(14) steady bellow 50, 2 bearish candle already formed evening star on friday, EMA 5(blue) through EMA 66 (red) and I think EMA 20 (green) will follow soon based on indication from Time Frame 1 Hours.








On Time frame 1 H, RSI(14) steady bellow 50, EMA 5(blue) and 20 (green) steady moved bellow EMA 66 (red) and after try to going up ema 5 failed to get through ema 20 wich mean pull back up already loss the momentum and I think it's big chance to go down, to re test 1.4154 and if steady I hope it will push lower to 1.4072.




I already take one position, sell EUR/USD at 1.4205 a fiew minutes ago, my target at 1.4100. I put stop loss at 1.4255. I will check it before London session closed


UPDATE 2 - August 11, 2009 - 02.05 AM (GMT+7)

During US session, I've got a trouble with my internet's connection. But on midnight my internet connection already fixed, and when I look at my chart, price already moved near to my target. I'm wait but is it not meet my target, it just reach 1.4104 and then EUR/USD seems like want to bounce up. I don't want to take a risk during instability internet connection so I already cut (hard exit) at 1.4131. I'm still see bearish but I will wait on next day for next strategy and for sure. For now 74 pips is not to bad for me.