Pipcrawler's Forex Picks

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Tuesday, March 28, 2006

Forex Picks - 03/28/06

GBP/USD has been in a sideways range. With lower highs and higher lows it looks like the pair is about to break out one way or another, possible after the FOMC statement today! I look to go long at 1.7635 with a target at 1.7750 or go short at 1.7220 with a target of 1.7100. The stops will be set at 1.7475.

We have another range bound pair in the EUR/JPY. I look to go long with a 10 pip close above the outer middle channel line, or short with a 10 pip close or more below the bottom middle channel line. Profit targets will be the outter most channel lines with the stops being the outer middle channel line opposite of the entry point. Is that confusing?? Ya'll know what I mean... =)

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