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  1. #1
    Specialist Member RCox's Avatar

    Hot Technical Play: EUR Continues to Trade Under Pressure !!!

    Technical Play: EUR Continues to Trade Under Pressure

    The EUR/USD continues to trade under pressure within its hourly downtrend channel and the second failure at 1.3425 resistance. Next level to the downside comes in at 1.3360 and I am looking for a break of this area some time today. Hourly PUTS can be taken at current levels (now at 1.3380), looking for at least a test of the aforementioned support.

    Click image for larger version. 

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  2. #2
    Specialist Member RCox's Avatar
    Prices tested the 1.3360 support and now we are seeing a bounce. These positions can be re-established if we see a move back toward 1.3420.

    Initial price activity:

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  3. #3
    Specialist Member marvel's Avatar
    Euro has many bullish signs now and it already retraced from the 1.3360 zone and now looks pretty strong in the 1.3450. So I will buy a daily call to see am I right about the current sentiment in the market

  4. #4
    Specialist Member RCox's Avatar
    These are short term trades. The Euro is being helped by the latest move in the EUR/CHF but the trade did test the minimum target before reversing. It's much more useful to be specific and make your argument for what you consider to be a "bullish sign" rather than just saying there are bullish signs.
    Last edited by RCox; 02-12-2013 at 06:16 PM.

  5. #5
    Specialist Member marvel's Avatar
    The EUR/USD was flat for almost one week from 07.02 till today morning it was in a tight range between 1.3260 and 1.3340 and this afternoon it breaks the range so that’s my point that Euro was in kind of consolidation and now is returning back to its positive sentiment.

  6. #6
    Specialist Member RCox's Avatar
    OK, so your bullish argument is that its a range break. This does look like you are just describing the first chart I attached and a range break would be a bullish "sign." Not signs. I'm not trying to be hard on you but the weak analysis does get tiresome when its non-committal and not based on much.

  7. #7
    Specialist Member RCox's Avatar
    A 15-min chart after the trading rec was sent:

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