EURUSD technical chart | 19-Sep-2011

Let’s analyze EURUSD technical chart using Doda-Donchian and Doda-Bbands.

As mentioned in my previous post, EURUSD was expected to come down, although buy signal was given by Doda-Donchian. The main reason was EURUSD was trading near HUGE resistance area and it was not possible for this currency pair to cross that area at one go. Please refer to my previous post for more details.

Now, this morning Doda-Donchian has given Sell signal @1.36562. But the same has not been confirmed by Doda-Bbands yet. So, I suggest you to wait for the signal from Doda-Bbands and take sell position if the price CLOSES below Doda-Bbands line on H4 time frame.

The main support areas for this currency pair are 1.3612, 1.3593 & 1.3571. Watch these levels carefully.