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EURUSD: Awaiting Confirmation on Top at 1.38
Written by article default Tuesday, 05 October 2010 09:30
EURUSD has put in a bearish Dark Cloud Cover candlestick formation following a test of critical resistance at the 1.38 figure, hinting a turn lower may be ahead. Confirmation is required on a break below the sharply upward slowing trend line that has guided the way higher since early September, now at 1.3687. I will look for a daily close beneath this juncture to enter short, initially targeting the 1.33 figure. Alternatively, a daily close above the 10/4 session high at 1.3811 would relieve bearish pressure and open the door for continued gains.Click here to learn more about DailyFX.