Tuesday, September 27, 2011

EUR/USD Point & Figure Signal - September 27, 2011

We have a new long-term target on the 50pip box-size point & figure chart for eurodollar. The double bottom break at 1.3450 has given an extremely bearish downside count of 1.1500. 

Yes - the figure is very low but this chart has given very reliable signals going back to the origin of the euro in 1999. 

The signals can be traded and have proven profitable when back-tested over 10-years: enter a short position at 1.3450 with a stop at the 1.4550 highs and a target at 1.1500.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst