Thu Jan 20 2011 7:43 am EST (GMT -5)

Radar Signal

Currency Pair:EUR/USD
Direction: Short

Trader Comments : Forex Signals - The EUR/USD is again pushing above 1.3500 after retracing yesterday. That retracement led to a break below a bullish trendline support seen on the hourly chart extending higher from 1.3250 low on Jan 18. We may now see EUR/USD test the back side of this trendline (new resistance) around 1.3540/50. The pair has been baiting in anxious shorts for several days and we have avoided the traps. We may now have a real opportunity once the trendline is tested. This will be reviewed by our head of trading in today's Live Session.

Risk Disclaimer: Trading foreign exchange Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. FX Renew Forex Signals are not specific trade recommendations or a solicitation to buy or sell any Forex contract and should be personally evaluated by you before executing any trades. FX Renew will not accept responsibility for trading losses that result from our Forex Signals. Past performance is not necessarily indicative of future results.