Oversold EUR/USD
by vahn on Feb.05, 2010, under Forex, Trading
Just exactly like i predicted, EUR/USD slide down again. I think the EUR/USD still on downtrend, but beware of profit taking by speculators which can cause an oversold rebound. I don’t think buy position is a good idea for this condition, but i just give some posibble scenario that can occur. Let’s see the chart
On the chart, we can see that based on fibonachi retracement, there is a possibility that EUR/USD will bounce for profit taking before continute to sink again. I still love sell position, but i think we must trade more carefully on this oversold market like this. Trade small position or play scalping is a good idea for now. Some event to noticed today are : Non-Farm Employment Change (USD) and Unemployment Rate (USD). EUR/USD Trend : Long Term : Bearsih Mid Term : Bearish Short Term : Oversold Happy Trading for you all. |
February 20th, 2010 on 8:19 pm
thanks for a fantastic post and for sharing.
March 8th, 2010 on 4:43 am
Great site. A lot of useful information here. I’m sending it to some friends!