July 24, 2009 02:51

Forex Signals – EUR/USD Selling Rallies

By:

7-24-09

2:45a GMT – It doesn’t get much more picture perfect then yesterday’s signal – the pair gave us long upward wick followed by a bearish engulfing candlestick – two major reversal signs. If that wasn’t enough we had a bearish divergence on both the RSI and Slow Stoch. All targets were hit within 4 hours. But that was yesterday. On to today! After the major rally in the USD we saw the pair bounce off of oversold on the RSI, just touching 30 before rallying back up. I will continue to be bearish on the pair and look for selling opps near resistance.

Trading Idea: Resistance at 1.4165 and 1.4200 is the closest. As the candlesticks have been good signals so far I will look for a candlestick confirmation signal, and also divergences in the RSI and Slow Stock on 60m. Targets back down to 1.4165, 1.4115, 1.4085 and 1.4055.

(click to enlarge)
eu72409selling

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1 Comment on "Forex Signals – EUR/USD Selling Rallies"
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    Comment left on:
    July 24, 2009 at 05:52
    dias says:

    4h time frame it looks like if close around 4am up to 1.4170 will be a Morning doji star

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