Longer-term support break

SwingPRO Trade Example

EURUSD | 2012/11/27 | 48 pips

Description: An example of a longer-term support break that was preceded by a bullish extinction candle, overreaching to get to 1.30 putting further downward pressure on the downside break. (ref# 1039)

Tuesday, November 27th 2012 @ 12:51 UTC - Trade Setup: We are getting short at current price (1.2967) with a TP of 1.3047 and a SL of 1.2917.

Wednesday, November 28th 2012 @ 7:38 UTC - Result: 48 pips Our swing short performed perfectly as the support break preceded the drop. Our short from 2967 is currently 51 pips in the profit and we are going to close out here and wait to re-enter. We are still bearish on the pair after the support break; add to that the fundamental uncertainty surrounding Greek, Egypt, etc. and the technical fortitude of 1.30 looming north of current price and there is still plenty of pressure in the bear's cooker.

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