April 29, 2009 02:22

Forex Signal – EUR/USD Yo-Yo Effect

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3:16a GMT – We had a nice big drop in the EUR/USD pair on Monday – and then a nice big rise yesterday as trader’s battled to find a fair price considering the economic news. Housing prices declined in the US again – but not as much as expected. Germany reported it was lowering its GDP forecast. Technically the pair continues to make lower lows and lower highers, signaling a healthy downtrend so I am going to continue to fade rallies, especially overbought rallies.

Trading Idea: shorts preferred on rallies near resistance at 1.3180 or 1.3230, especially overbought rallies. Short targets down to 1.3130, 1.3090 and 1.3030.

(click to enlarge)
eu42909selling

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1 Comment on "Forex Signal – EUR/USD Yo-Yo Effect"
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    April 29, 2009 at 15:36
    Herr says:

    2 times Stop loss

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