September 25, 2008 04:21

Technical Analysis – EUR/USD Selling at 1.4750

Posted In: Technical Analysis
By:

9-25-08

3:26a GMT – My last signal was a buy at 1.4600. Close that for a 100-pip gain. The horrible housing data in the US actually gave some traders the glimmer of hope that a bottom is forming in the housing market. Plus Congress is actively discussing bailout options to loosen the credit crunch for home buyers. Together some traders see a stronger US housing market in the long-term future.

Technically the pair stalled about 1.4880, bounced off 1.4600 and now seems confined between 1.4750-1.4600.

Trading Idea: With the topside failure I am looking for selling opp around 1.4750-1.4765. Look for a bearish reversal signal in this range with short targets favored down to 1.4600 and 1.4550. If resistance is broken look for a re-test of 1.4800.

(click to enlarge)

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