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Technical Analysis - EUR/USD Short Play
Join the forum discussion on this post - (1) Posts8-29-08
5:11a GMT - The EUR/USD has bounced off 1.4600 this week as it eased off of oversold levels and raised up to 1.4800. The pair is heading south again as the US economy raised its GDP outlook and fears rise of a slowdown in the Europe. I expect the pair to stay beneath its 1.4800 resistance in the short term and fall for another shot at 1.4600.
Trading Idea: Shorts favored below 1.4800 with a target at 1.4605.
(click to enlarge)
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PipHut.com and its author, Mark Norris, will assume no responsibility for the signals, results, trading strategies and any other information provided on our website and the use that any visitor will make of it.
Before deciding to invest in foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some, or all, of your initial investment, and therefore, you should not invest money you cannot afford to lose. You should be aware of the risk associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Read the full Risk Warning here.