October 6, 2008 03:34

Technical Analysis – EUR/USD Selling the Trend

Posted In: Technical Analysis
By:

10-06-08

3:26a GMT – Trend remains to the downside as we broke some major support at 1.3700 and had a decent sized gap bearish about 8 hours ago. I’m looking for support between the gap , at 1.3695 to hold as resistance. Concerns are that we are heavily oversold and pretty far away from the 10- and 14-day moving averages.

Trading Idea: Look for bearish selling signals below 1.3700. Short targets favored down to 1.3615, 1.3550 and 1.3465. If a sustained break of 1.3700 happens look for a rise to 1.3800 and a challenge of 1.4000

(click to enlarge)

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1 Comment on "Technical Analysis – EUR/USD Selling the Trend"
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    Comment left on:
    October 6, 2008 at 12:16
    Michael says:

    what time zone did you use in releasing the signal

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