July 30, 2009 03:15

Forex Signals – EUR/USD Resetting Shorts

By:

7-30-09

3:06a GMT – All short targets were hit from Monday’s signal (sell 1.4275, tp 1.4130) and the USD/CAD signal is currently about 90 pips in the profit. With the EUR/USD we saw quite a significant surge in the USD as traders began taking profit on their riskier positions and returning to the safety of the dollar. Possibly driving this was the Eurozone’s decision to begin taxing Chinese imports on steel, which I believe to be net negative for the Euro and positive for the dollar. I am looking to reset my shorts on the Euro for a challenge of rising daily trendline support (yellow line at bottom of chart), currently around 1.3925.

Trading Idea: Looking for overbought conditions near resistance around 1.4115 for shorts. Targets down to 1.4075, 1.4015, 1.3055.

(click to enlarge)
eu73009selling

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