February 17, 2009 05:59

Forex Signal – EUR/USD Bear Trade

By:

2-17-09

5:26a GMT – I hope everyone enjoyed yesterday’s bank holiday! Back to trading! Big news for us signal traders is that the EUR/USD made a sustained break of 1.2700, re-confirming the downtrend and giving us a short outlook in the near future. This was couple with a 70-pip bearish gap yesterday. We had previously been looking for range trades between 1.2700 and 1.3000 – and made good pips doing it.

Trading Idea: Will look to sell former support levels, most notably at 1.2750. Fairly tight stops with an eye on US stocks as the open and provide some direction. Shorts favored down to 1.2665, 1.2575 and eventually 1.2485.

(click to enlarge)

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