Friday was fairly quiet aside from a few false breaks, EU included. For EU our short was triggered on the 12:50 support break at 1.3378. Price slowed to a crawl, though, and that position was closed out on the false break alert a few hours later for a manageable 2 pip loss.
Price still has plenty of room to fall after the nearly 300 pip drop last week, especially after the bearish engulfing candle on the weekly charts (which would look an awful lot like a shooting star on the bi-weekly charts).
We will get short if a support break occurs, to continue riding the downward pressure. The major risk to the trade is, of course, the oversold hourlies and we could see a bullish correction before any more longer-term downward pressure resumes.
EUR/USD H4" title="EUR/USD H4" width="561" height="463">
Today’s Important News Events:
Trading Idea: Short on a support break with a TP of 80 and a SL of 50.
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EUR/USD Bears In A Bull World
Published 02/11/2013, 03:02 AM
Updated 07/09/2023, 06:31 AM
EUR/USD Bears In A Bull World
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