Members login
EURUSD: Preparing to Enter Short
Written by article default Thursday, 28 July 2011 08:31
The move above the falling trend line connecting major highs since late April may have been a false breakout, with prices reversing sharply lower from horizontal resistance at 1.4537 and forming a pronounced Bearish Engulfing pattern. With that in mind, I am not comfortable jumping in short immediately with prices pushing up against the bottom of a Rising Wedge set from the July 12 low (1.4322), opting to wait for either a pullback toward the trend line (now at 1.4460) or a breakdown through current support to pull the trigger.
...
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.