Sun, Sep 11 2011, 11:45 GMT
EURUSD: 1.3653
Short-Term Trend: downtrend
Outlook: Approximately two weeks ago I turned bearish on EUR/USD when it failed at the 1.4530/40 level ( I was bullish before that but this failure made me bearish). Last week EUR declined sharply and strongly justified my bearish position. As said before, the most likely downside target is seen at 1.3520. Of course further downside potential is possible considering the strong downtrend on the daily chart now. So, the short side remains favored here as long as the prices stay below 1.4045/1.4100 area. But considering the huge potential profits one may already have, they also can consider taking profits here.
On the upside, only a move abv 1.4045/1.4100 will indicate the current decline has ended...
Strategy: Trading from short side is still favored but considering the huge hypothetical profits from 1.4400+ area, one can also take profits here.
Short-Term Trend: downtrend
Outlook: Approximately two weeks ago I turned bearish on EUR/USD when it failed at the 1.4530/40 level ( I was bullish before that but this failure made me bearish). Last week EUR declined sharply and strongly justified my bearish position. As said before, the most likely downside target is seen at 1.3520. Of course further downside potential is possible considering the strong downtrend on the daily chart now. So, the short side remains favored here as long as the prices stay below 1.4045/1.4100 area. But considering the huge potential profits one may already have, they also can consider taking profits here.
On the upside, only a move abv 1.4045/1.4100 will indicate the current decline has ended...
Strategy: Trading from short side is still favored but considering the huge hypothetical profits from 1.4400+ area, one can also take profits here.
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