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Oversold EUR/USD

February 5th, 2010 Leave a comment Go to comments

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.

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  1. Magaret Battisto
    February 20th, 2010 at 20:19 | #1

    thanks for a fantastic post and for sharing.

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