14 Mar 2014
Flash: Potential opportunity to sell EUR/SD back at 1.39 - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies EUR/USD may offer potential opportunity for a false break setup.
Key Quotes
"After selling off from the 1.3900 area, and then being bought back up where we suggested buying the pair (1.3820-ish), the pair broke through the key 1.3900 level, reaching a high of 1.3965, only to get slammed down and close below 1.3900. This could present a false break setup around 1.3900 to sell the pair for a move back down to 1.3820/30, perhaps more."
"Look for intra-day weakness heading into the level. If the pair forms a corrective pullback into the 1.3900 level, look to get short with tight stops above. Only a daily close now above 1.3965 helps bulls, but I doubt they will get excited being so close to 1.4000, so short term favors the bears now IMO."
Key Quotes
"After selling off from the 1.3900 area, and then being bought back up where we suggested buying the pair (1.3820-ish), the pair broke through the key 1.3900 level, reaching a high of 1.3965, only to get slammed down and close below 1.3900. This could present a false break setup around 1.3900 to sell the pair for a move back down to 1.3820/30, perhaps more."
"Look for intra-day weakness heading into the level. If the pair forms a corrective pullback into the 1.3900 level, look to get short with tight stops above. Only a daily close now above 1.3965 helps bulls, but I doubt they will get excited being so close to 1.4000, so short term favors the bears now IMO."