EURUSD Analysis 01/10/14

FX:EURUSD   Euro / U.S. Dollar
290 1
Long term trend: Down
Medium term trend: Down
Significant levels: 1.3 (Significant Round Number), 1.27 (Horizontal Resistance), 1.26 (Horizontal Support)

The price broke below a Significant level, which is 1.28. This just told us that the market is really down as of the moment and nothing can stop the decline in price. We are definitely Short in this currency pair.

In this 4 hour chart, we can see a short term downtrend. And currently, as of writing, the price is on that trend line and near the Support line. Also, as of now, it's still the Asian session. Later, at London session, the price would definitely move (as compared to Asian session). This is an opportunity for us to Sell now as the price is near the intersection of the downtrend and the support line creating a Descending Triangle pattern. It is likely that the price will continue to go down, later in the London session. Do not forget to place your Stop Loss.

Trade well.

thanks for this post
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