EUR/USD: High For The Correction Is Expected
Jason Sen | Oct 21, 2014 01:26AM ET
EUR/USD saw another inside day just above holding support at 1.2742/38. Looks like we are forming a bear flag. This is just a correction higher before the bear trend resumes. 1.2780 is key for today. Above here meets a selling opportunity at 1.2835/44 with stops above 1.2860. An unexpected break higher however meets last week's high at 1.2885. A break higher this week is much more positive & then targets 1.2920/30. Any further gains present an excellent selling opportunity at 1.2960/70. A high for the correction is expected but shorts need stops above 1.2995.
Holding below 1.2780 adds pressure to target 1.2765 then support at 1.2735/25. Failure here however risks a slide to 1.2710/05 then short term trend line support at 1.2685/80. This is key. A break lower is expected eventually & below here today triggers the next leg of the bear trend. Losses could accelerate towards 1.2625/22 then 1.2605/00.
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.