Thursday, 14 July 2011

EUR/USD Analysis

Recent bearish movement in the euro seems to be picking up pace after a breather with the nice looking bearish pin bar candle. Today it retraced the 4th July high by 61.8% fib and turned back. It also rejected support line which was previous resistance. Trend is down on all major timeframes too. nice bounce off 21ema in between the 2 moving averages gives a case to go short stronger. Short order placed as per below

STOP: 14288
ENTRY: 14180 (8ema near 50% retrace of the daily candle)
LIMIT: 13964

RISK/REWARD: 2/1

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2 comments:

  1. Tee Man17 July 2011 at 21:16

    Have held this trade over the weekend, still looks good to me despite the retrace

    ReplyDelete
  2. Tee Man19 July 2011 at 21:14

    Had a decent move down so i moved my stop to b/e after being over 160pips up at one stage. Got taken out at b/e however

    ReplyDelete

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