EURUSD Technical chart | 07-Dec-2011

Below is the technical chart of EURUSD discussed, with Doda-Donchian indicator.

From the last few trading sessions, EURUSD is in range bound. Generally, all indicators fail in range-bound movements. But broadly, in EURUSD currency pair, the chart is still weak. It needs to CLOSE above the levels of 1.35315 and 1.3590. This is the high resistance zone for this currency pair. If it CLOSES above these levels, take long position. And below these levels, take short position, as and when you get signal through Doda-donchian. Simple strategy!