1/6/2009
5:51a GMT – Happy New Year! I hope you all had a good break, time with family, etc. Back to forex signals! Over the past week or so (it seems like it has been awhile since the last signals) the EUR/USD has begun a significant correction from its December rise. The pair has made lower lows and lower highs (confirming the downtrend) and has broken through important daily support at 1.3824.
I expect the downtrend to continue in the mid-term and I am looking to sell rallies near resistance. Markets are, as always recently, choppy and volatile so tight stops are recommended.
Trading Idea: Nearest resistance is around 1.3655. I am looking to sell rallies near this point on bearish reversal signals (candlesticks preferred). Keep stops tight as the pair is close to being oversold (RSI touching 30 on the 4-hour charts).
(click to enlarge)
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