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Daily FX Trading Strategy: EUR/USD
Title: Resumption of downtrend
- Firm breach of 1.2516/23 calls for a resumption of downtrend from 2008 top at 1.6038
Euro fell sharply again yesterday as investors remained bearish over the prospects of economic growth in the euro region and although a marginal low was printed at 1.2516, a firm breach of the supports at 1.2516/23 is needed to confirm a resumption of the medium-term downtrend from 1.5145 (November 2009) and extend weakness to the confluence at 1.2435/56 (fibonacci projection level and weekly support) and then towards 1.2400 but the oversold oscillators should keep price above the 2008 low of 1.2330 for now.
- Only a rise above 1.2739 would alleviate recent downward pressure
Our short position remains in play with stop lowered to break-even at 1.2570. On the upside, only a sustained move above 1.2739 (reaction high seen on Wednesday) would alleviate some of the downward pressure and risk a rebound to 1.2800/10.Written by imperialFXonline.comHigh Risk Warning: Foreign exchange trading
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