forexcanada

Failed to make new high

Short
FX:EURUSD   Euro / U.S. Dollar
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My stochastic on the daily failed to make new high and also price action didn't deliver higher either. Shorting is starting to make sense. I would like to short on an important psychological level of 1.3000 aiming primarily at target 1. NFP friday and also Spain bailout or not is my fundamental concern on that one(short term). Stop above the first top at 1.3174

This daily is showing an Adam & Eve double top formation. Technically, this pattern is valid when price drop below the confirmation line which is at 1.2874. It also almost correspond with the Fibo level 23.6 drawn from July 24 to Sept 14.
Enjoy!

Gaven Sirois
@forexcanada

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