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Monday, January 3, 2011

Is The EUR/USD Pair Finally About To Turn Bearish?

The EUR/USD pair has been in an upward trend (according to the Supertrend indicator on the daily chart) since 8th May. However in the last few weeks it's been quite hard to trade because this upward move seems to be slowly running out of momentum, and today it looks like the trend could be about to change at long last.
The reason I say that is because the daily Supertrend indicator, which I've just mentioned, looks like it's about to change from green to red. In order for that to happen the EUR/USD pair needs to close the day below it's current level of 1.4669.
At the moment it looks like it's going to be tight because the current price at the time of writing is 1.4660. However if it doesn't happen today, I'm sure it's going to happen in the next few days.
If it does, I shall automatically be looking to go short on the 4 hour chart (as per my trading strategy), and longer term I wouldn't be surprised to see the price continue heading downwards towards the EMA (200), which is currently around the 1.4170 level.
Whatever happens I'm sure there will be some decent trading opportunities to be had providing this downward trend is confirmed either today or in the near future.

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