Wednesday, June 3, 2009

Resistance at 100% Fibo Expansion

Yesterday EURJPY rally after US sesion opened was stalled at 137.45 of 100% Fibo Expansion and retreat.
The pair found support with 60 EMA and consolidate with a triangle. At Early Australian session, the pait break through the lower traingle channel and by 24:00 GMT a reversal candle patternwas formed with a doji and a morning star.

I prepared my entry when price moved aboved the pivot point and the opening Asian price.

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