18 Nov 2013
EUR/USD, watch 1.3560/40 for absorption from sellers - 2ndSkies
FXstreet.com (Barcelona) - EUR/USD continues to build higher highs and higher lows on lower timeframes, bringing into focus a potential test of 1.3540/60, an area which remains a seller's stronghold for now.
According to Chris Capre, Founder at 2ndSkies: "The pullback on the 4hr chart, although having elements of being corrective, is structured with the bears weakening on each push-back. Watch the 1.3560/40 area for absorption from the bears."
"If the intra-day charts are showing the offers are holding, then look to short in this zone, targeting 1.3480. If this level folds, then expect a return to 1.3690. Short term bias is bullish, but the real test for the bulls is coming up" Capre added.
According to Chris Capre, Founder at 2ndSkies: "The pullback on the 4hr chart, although having elements of being corrective, is structured with the bears weakening on each push-back. Watch the 1.3560/40 area for absorption from the bears."
"If the intra-day charts are showing the offers are holding, then look to short in this zone, targeting 1.3480. If this level folds, then expect a return to 1.3690. Short term bias is bullish, but the real test for the bulls is coming up" Capre added.