Tuesday, October 4, 2011

The Advisor Weblog

The Advisor Weblog

EUR/USD daily chart: bearish, bearish!

Posted: 04 Oct 2011 05:25 AM PDT

Daily chart in EUR/USD suggest the pair is now looking for the 1.2870 area, this year low. The key resistance level to watch is the 1.3560 area, 76.4% retracement of this year bullish run. Indicators support the bias as per 20 SMA holding a strong bearish slope while momentum heads back south after failing to overcome the 100 level. I would say that recoveries here, will be understood as selling opportunities in the cross.

 

For today, here are the key levels to watch:

 

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/10/04/


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