Monday 24 December 2012

MARKET UPDATE FOR 24/12/2012@HILLFOCUSFOREX

EUR/USD formed an inside bar today, stalling the recent moves created by the 50% retracement of the pinbar formed previous week.We are anticipating a fakey setup in due course.Bearish bias will be triggered if the low of the mother bar got broken.

GBP/USD  formed a pinbar that closed below the near term support around 1.6177.The pinbar later pair loss in to the New York close.Because of the size of this pinbar, we will love to see a retracement of the pinbar to give us a better R/R ratio.

USD/CAD formed an inside bar today below a key horizontal resistance.We will like to use this inside bar as a continuation signal given the recent rally.A break of the high of the mother bar increase the probability of our bullish bia.

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