BOAFX
Short

Sell EUR/USD

FX:EURUSD   Euro Fx/U.S. Dollar
230 0 10
Fundamentals: - Finally the Euro             broke out of the trading range but I am not going full steam into the Bears just yet. We have had some poor data coming from the US recently which makes me wonder about the recent USD rally and whether or not it is justified or just a blip in the current sell off. Stil,l we are bearish on the Euro             but some more promising data from the US would be helpful in keeping the conviction. For this reason I will look to take sell positions on the pull back of this recent breakout but with a tight stop loss.
Technical's: Looking at the euro             , we have some conflicting price action but probability stands with the bears, the weekly price action confirmed itself by closing below last weeks low forming a bearish engulfing candle that sits on the 50/60 EMA which is around the 11200 level. The daily decelerated as we approached the end of the week, and looks like the daily 50/60 EMA's are about to cross above the 200 one which many consider as a confirmation of major reversal to the upside. Since we analyse from more than one standpoint the ideal scenario for next week are sells but we could see a run up to 11350 where sellers would step in. Learn to trade like a pro for FREE http://bankonadam.com
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