Forex In Blog

Euro Dollar rally is back

by John on 17/12/08 at 2:24 pm

The EUR/USD rally is back. In just 2 weeks, the EUR/USD raised nearly 2000 pips.

This rally started on the triangle breakout that I told you about, and in case you joined the trend, you’re already sitting on 1000 pips profits.

The buy point was at 1.3081.

The EUR/USD has been crashing all the resistance points, but is now approaching the 61.8% Fibonacci retracement. With this in mind, I sold 2/3 of my holdings just to lock some good profits.

If you take a look at the weekly chart, you ‘ll see that in just 2 weeks the EUR/USD had a massive rally.

This kind of rally shows you strength. However I believe it’s a good move to lock some gains at this point especially considering we’re entering on the holidays season where we shouldn’t have much volume or volatility.

I see this trade as a great way to close the year.