EUR/USD Short-Term Downtrend
Trend Recognition | Nov 03, 2013 06:33AM ET
EUR/USD: 1.3485
Short-Term Trend: Downtrend
Outlook: I was expecting much further gains toward 1.4045, but the market declined sharply at the second half of last week and completely negated the previous strong uptrend. Now, the prices are still above the rising 100-day moving average, but the speed of last week's decline signals the Short-Term trend has already shifted to the downside. If correct, the market is unlikely to rally again above 1.3720 level and will continue lower in the next several weeks. Right now I don't see a low-risk entry point, but if we get a bounce from the current level, we may have such a low-risk entry point later this week or next week.
Strategy: The long from 1.3350 was stopped out at 1.3650 with 300 pts profit. Stand aside.
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