August 19, 2008 07:10

Technical Analysis – EUR/USD Selling Rallies

Posted In: Technical Analysis
By:

8-19-08

7:05a GMT – Not much has changed in the technical analysis of EUR/USD for the last few days – the pair remains overall bearish with room to run down to 1.4475. The major threat to the trade is that the dailies highly oversold and the market could be primed to consolidate and bounce toward 1.4900 or even 1.5000 on favorable news for the EUR.

Trading Idea: Looking to sell rallies. Looking for candlestick entries on the 4H and 60M and will be looking closely around resistance at 1.4850. Short targets at 1.4700, 1.4650 and eventually I expect a challenge of 1.4475.

(click to enlarge)

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