9 Jan 2014
EUR/USD, break below trendline exposes 1.3450/80 - 2ndSkies
FXstreet.com (Bali) - EURUSD is faced with a long term trendline coming from July 2013 low, so far preventing further losses from materializing.
Chris Capre, Founder at 2ndSkies, recently suggested "bearish traders to look for sell signals below the long term trendline that capped the highs and false break from Dec. 27th just under 1.3900", Chris said.
"We also noted the Euro historically has a tendency to sell off in January over 64% of the time. So far, that statistic is holding up well as the pair is already down 230 pips on the year" Chris adds.
Technically, Chris sees a break below 1.3600 exposing next target at 1.3450-80, but if this folds, "then 1.3300 is up next. Bears can look for any price action signals on corrective pullbacks into 1.3800", Chris said.
Chris Capre, Founder at 2ndSkies, recently suggested "bearish traders to look for sell signals below the long term trendline that capped the highs and false break from Dec. 27th just under 1.3900", Chris said.
"We also noted the Euro historically has a tendency to sell off in January over 64% of the time. So far, that statistic is holding up well as the pair is already down 230 pips on the year" Chris adds.
Technically, Chris sees a break below 1.3600 exposing next target at 1.3450-80, but if this folds, "then 1.3300 is up next. Bears can look for any price action signals on corrective pullbacks into 1.3800", Chris said.