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This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.


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Until next time

happy trading 

Mr Phil Newton or on LinkedIn Phil Newton trader

Week Comm 14th March

Phil Newton's picture
Larger timeframes are displaying clues (& possible retrace destination) as to the strength of this pairs short term movements. We have a Fib cluster from both the Daily & Hourly zones focusing in on the 1.3300 round number, which is being touted as a possible pullback area on any short term weakness. The hammer which formed on the (weekly chart) 28th Feb, has been confirmed with good, bullish behaviour & now has 3550 (daily resistance) clearly in it’s sights for a renewed attack on the Xmas week highs of 3665. Certainly, the Daily/Weekly bullish combo will further boost the Euro Bulls resolve, but with Greenspan in the chair (again) over the following 2 weeks & the all important T.I.C data & Current Ac Balance figures due next week, eyes will be honed in on that 1.3300 support zone for any blip in this bullish scenario. As many on here punt off the smaller frames anyway, the “bigger picture” isn’t really of critical importance – but these technical zones, strengthened by Fib/line supports, are where the juggernaut traders will have important limits placed…..always worth noting these clips for when price approaches, they merely add strength when gauging entry/exit levels!!