12-02-08
5:38a GMT – The bears look set to continue the downward push with in the EUR/USD as strong resistance has formed between 1.2675-1.2700. There is plenty of room to drop on the RSI for the 4-hour charts and I am looking for a test of 1.2585 and 1.2550 in the short term. At the open of the US stock exchanges in the morning I will look to see where the futures are pointing – an increase in US stocks will lead me to be bullish on the EUR while a drop in stock prices will make me bullish on the dollar.
Trading Idea: short term shorts favored. Looking for bearish candlesticks between 1.2675-1.2700 for a retest of 1.2585 and 1.2550.
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