EUR Continues Its Downtrend Against USD
By Alexander Nikolov
posted 21:54 12/18/11
| Forex Technical Analysis
 
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EURUSD: 1.3042

Short-Term Trend: downtrend

Outlook:

A few weeks ago I favored a short position in the 1.34/1.35 area. Since then EUR has been under heavy pressure and has already declined below 1.3000 level. As the daily chart remains quite negative with prices below the declining 21-day moving average, I expect to see fruther weakness twd 1.2870 and possibly to 1.2670 before this leg lower is over and a strong counter-trend move up develops. Having said that, holding short remains my favored strategy here.
On the upside, a firm and sustained trading abv 1.3200 will suggest a temp. low has been found already….


Strategy: Holding short remains favored with a stop abv 1.3250

 
 
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