Finally, Euros came lower after failing just prior the 1.3425 resistance. We held our breath as 1.3418 traded but like all good technical traders, walked away and let the charts take care of the buyers, and they most certainly did. Down we fell, like a stone and overnight have seen 1.3251 lows. Now the daily charts have turned bearish and I do believe that we have a lot more to go on the downside. 1.3185/80 is looking to be the short term objective.
Here you should look to cover all shorts. Attempt very small longs, only for a small correction, but look to take profits quickly as I feel there is a lot more scope for the market to move lower - 1.3305/20 is good resistance, and 1.3325 is the Daily Pivot and therefore this should act as a barrier and a cushion for traders taking short positions. If we break 1.3325 we are only talking about the market going to 1.3380 and there it will encounter sellers once more.
So we think Euros trade lower. If we lose 1.3180 we have 1.3125 as a realistic short term target.
EUR/USD" title="EUR/USD" width="983" height="616">
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EUR/USD: Euros Trading Lower
Published 06/20/2013, 02:12 AM
Updated 07/09/2023, 06:32 AM
EUR/USD: Euros Trading Lower
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