EUR/USD Short-Term Update
By Alexander Nikolov
posted 18:22 06/11/11
| Forex Charts
 
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EURUSD: 1.4345

Short-Term Trend: weak uptrend

Outlook:

EUR advanced early last week but once the daily Stochastics got overbought, it declined sharply onThursday and Friday. That is the typical price action when a Flat or Triangle is developing: once the market gets overbought during wave b, it then begins to decline in wave c. Now, if wave (c) is already under way, weakness twd 1.3720 is expected. Lower downside potential exits if this level is penetrated in a meaningful way.
On the upside, only a move back abv 1.4570 negates, risks one more rally attemp twd 1.4700/50 before the sellers get control…..

Strategy: Shorts favorable at 1.4400. Stop=1.4600. Target=1.3750.

 
 
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