Monday, October 20, 2008

EUR/USD

Shown below is a 4hr shot of the EUR/USD...you can see the break of the trend line...I'm looking to see price come back up and test this old line as resistance before continuing downwards to make new lows.


Below shows a close up of the action on the 1hr charts...



I would look to see a test of about 1.34 and then a reversal from there. Stops would be set above 134.5. 133.85 is the 38% retrace of the latest dump while 1.34 is just about the 50% retrace point.

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