EUR/USD: 3-Month Bear Trend
Jason Sen | Aug 20, 2014 07:41AM ET
The EUR/USD broke August lows and support at 1.3345/35 as expected in this 3 month bear trend and targets 1.3295 today. The bear tend has resumed after a consolidation period and could continue lower this week to hit 1.3250/40. We will start to look oversold at this stage. Exit shorts and try longs with a very good chance of a low for the week. This is an important so we need wider stops, in this case below 1.3210.
Immediate resistance at 1.3335/40 could hold a move higher but above here a selling opportunity at 1.3365/75. Exit longs and try shorts with stops above 1.3390.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.