EURUSD Analysis 05/09/14

FX:EURUSD   Euro Fx/U.S. Dollar
300 0 5
Downtrend is very clear in this chart. The downtrend resistance line, is very steep which indicates that the price really want to go lower. On the other hand, the uptrend support line was just broken in yesterday's Daily candlestick which is also an indication of a market decline. Another thing is that the level 1.30, which is a significant round number and also a psychological level was broken. The price went down in a strong manner.

One way or the other, the price will find its way back up before continuing its down movement. What we are looking for here is a retracement of this move. The price might retest the psychological level again before resuming its trend. It will be a good opportunity to go Short if the price retest this level. The price might go up a little bit up to the previous uptrend support line.

The next support line would be the 1.28 level. It's logical to take profits before or at this level.

No retracement means no trade. Wait for that to happen then see if it respects the lines shown above.

Trade well.
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