February 19, 2009 05:45

Forex Signal – EUR/USD Selling New Resistance

By:

2-19-09

5:26a GMT – EUR/USD tread water yesterday, pushing downward a little bit but for the most part not making significant movement any way. Bears won out in the end, with the bulls unable to push above any significant resistance levels. This mimics, for the most part, the action in the US stocks yesterday where we saw the stock prices generally hover at the same levels. Moving forward I am still looking to sell as the pair continues to make lower lows and lower highs.

Trading Idea: Selling resistance, most recently at 1.2645, is my plan. Look for the bearish candlestick signals to confirm the trade, with shorts preferred down to 1.2580, 1.2515 and 1.2475.

(click to enlarge)

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