Update for: 2011-12-05 - 2011-12-11

Posted on: Sunday, 04 December 2011 21:29


EURUSD: 1.3389

 Short-Term Trend:  downtrend


A week ago I favored a short on small recovery against 1.3620 level. EUR managed to rally a bit but failed near 1.3540/45 and declined sharply again on late Friday session. As result, the daily chart remains quite bearish with the prices firmly below the declining 21-day moving average. So, right now I see no reason to change my bearish view here and I expect to see losses twd 1.3195 and 1.3050 in the coming week or so.
On the upside, I think the key resistance level for any shorts can be lowered to 1.3550, as a move above there will not be consistent with my bearish view.

Strategy: Holding short remains favored. The stop can be lowered to 1.3550.

Next Update: Sun, 12/11/2011.

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