August 29, 2008 04:17

Technical Analysis – EUR/USD Short Play

Posted In: Technical Analysis
By:

8-29-08

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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