October 10, 2008 03:30

Technical Analysis – EUR/USD More Losses

Posted In: Technical Analysis
By:

10-10-08

3:26a GMT – EUR/USD has had three consecutive days of higher highs and lower lows, but this appears to be a consolidation pattern on the daily and 4h charts as traders look to take profit on their shorts. Pair is moving much more slowly in the upward direction however, while the mid-term trend remains down. Pair has come off oversold levels leaving more room for losses.

Trading Idea: Nearest resistance is at 1.3695 and then 1.3790. Look for bearish reversal signs near these levels with short targets preferred down to 1.3615, 1.3555, and eventually back down 1.3440.

(click to enlarge)

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2 Comments on "Technical Analysis – EUR/USD More Losses"
  1. Reply
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    Comment left on:
    October 10, 2008 at 06:44
    emil says:

    Thank you

  2. Reply
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    Comment left on:
    October 10, 2008 at 11:41
    Andre says:

    GO DOWN!!!

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