EURUSD trading near major resistance levels

Today, we’ll analyze EURUSD technical chart with Doda-Donchian and Doda-Bbands indicators.

After a downtrend of last few sessions, Doda-Donchian has given a Buy signal on 15-Sep-2011 @1.38028. The same is confirmed by Doda-Bbands. But keep one thing in mind here. EURUSD is trading near major resistance levels. So, I’m not convinced by this Buy signal. I suggest you to either not to take any action now or if you’re a aggressive trader take buy call, with strict stop-loss.

Take buy call if the price CLOSES above 1.40050 on H4 time frame chart. The next resistance levels are 1.4106 and 1.41445.