EURUSD Analysis 24/10/14

FX:EURUSD   Euro Fx/U.S. Dollar
252 0 0
Long term trend: Down
Medium term trend: Down
Significant levels: 1.3000 (Significant Round Number), 1.2660 (Horizontal Resistance), 1.2500 (Horizontal Support)

This pair is the best to trade right now as the USD is strong and EUR is very weak. We are very bearish with this currency pair. There is no way the trend will reverse now. Retracements would be normal and every rally is an opportunity to Sell.

If you look at the 1-hour and 4-hour chart, you can see that the price is a little bit struggling near the current resistance which is 1.2660. As the price is staying below this resistance, it would be a good opportunity to place a Short trade now before continuing heading down.

The Oct-22 bar closed below the 1.2660 and yesterday's candle retraced back up to 1.2660 but could not close above. Also, yesterday's bar is an indecision bar. Its open and close price is almost the same which also indicates that we need to place our trade now before the market decides to go down again.

It is also worth noting that there are more rooms for this pair to go down. Therefore, there are lots of opportunities for us on this pair. Do not forget to look for opportunities to place your Short trade.

Trade well.
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