3-27-09
5:21a GMT – Once again it is Friday and we are looking at very mixed signals for the EUR/USD. I’m showing the daily chart for the EUR/USD below so we can take the wide-angle view of what is happening with the pair. As you can see the pair has been in a pretty steady downtrend since July of 2008 with some consolidation in December of 08. From this larger time frame view I am still bearish and it is looking like a better time to go short because of the recent consolidation in the pair.
Trading Idea: Short-term we have resistance at 1.3625 that would make for decent short positions with further confirmation. Targets down to 1.3555 and 1.3500.
(click to enlarge)
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