Sive Morten – Update on the Forex Market

Posted on 29. Dec, 2009 by Jakob in Forex Signals, Random Noise

Sive Morten has just posted his weekly outlook, and as always he shares some interesting thought on the overall market, and specific details about the EUR/USD. Basically he argues that the short term Dollar strength remains intact, while from a long term perspective we might see a bearish trend for the Dollar. In my opinion I think we need to see the EUR/USD retrace a bit, before it will continue its bearish move. Currently the EUR/USD is trading at 1.4416. I entered a long trade on EUR/USD at 1.4341 so I am currently up about 75 pips (all details for this trade were shared on Twitter). I have moved my stop loss to break even, and I expect to see it retrace up to around 1.4541, and if that resistance level is broken then maybe all the way up to 1.4710. I might move my stop loss accordingly, if the pair keeps moving higher, and look to take profit if we come close to 1.4541. If this level is reached I might look for a possible short trade, or wait for it to break the current low of 1.4216. As always, be careful in these days, as low liquidity can result in large spikes within seconds. Check out Sive Morten’s weekly update here.

Tags: forex peace army, forex signal, free forex signals, Sive Morten

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Sive Morten – Update on the Forex Market

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