EUR/USD – Continued Steep Bearish Bias
Price action on EUR/USD (a 4-hour chart of which is shown) as of Tuesday (11/30/2010) has just dipped tentatively under 1.3000, establishing a new 11-week low. P
rice action has continued its methodical bearishness of the past month (November), regularly breaking down below key support levels, pulling back (rallying) and retesting those previous support levels as resistance, and then continuing on its bearish way. This creates potential opportunities for short positioning on rallies within the new month-long downtrend.
Having just hit and tentatively dipped below the key 1.3000 psychological level, the pair still has substantial room to the downside. Expected intra-trend rallies notwithstanding, price action has the potential to target a key downside support target in the 1.2600 price region. This is provided the pair drops convincingly below 1.3000 and begins to treat this key psychological level as resistance within the downtrend.
Best Credit Cards
Chase Freedom- Blue Cash
- Chase Sapphire
- American Express Platinum Card
- United Credit Card
- Southwest Credit Card
- Delta Credit Card
- British Airways Card - Get 100,000 Bonus Points
- Blue Cash Preferred
- Capital One Venture
- Discover Card
- Chase Ink Credit Card
- Discover More Card - 18 Month Promotional Balance Transfer
- Chase Sapphire Preferred
- Ritz-Carlton Rewards Credit Card
- Citi Diamond Preferred Card
- American Express Premier Rewards Gold Card
- Starwood Preferred Guest
- American Express Gold Card
- Citi Dividend
- Capital One Cash Rewards
- Discover Student
- Marriott Rewards Credit Card
- Marriott Rewards Premier Credit Card
- Capital One Secured Credit Card
- Hilton Rewards
- Credit Card Rewards
Broker Reviews