Forex Signals - EUR/USD Bears Steamroll the Bulls

By IBTimes Staff Reporter | August 30 2010 10:35 PM

Technically we remain pointed in the downward direction here and, in general, I continue to look for bearish signals to short. The biggest threat to the trade that I see is the possibility of a triangle consolidation wedge forming on the daily charts - if we see a bounce off of 1.2630 then it could signal the pair is going to range for the day.

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1.2700 is the key pivot I am watching - above this level I am short-term bullish, below I am bearish.

As always check the candlestick alerts for intraday trading opps and watch out for news events on the forex calendar.

Trading Idea: Primary trade will be to look for opportunities to short below 1.2700 with targets at 1.2675, 1.2645, 1.2615 and 1.2585 for 115 pips profit.

In general I am looking for shorts below 1.2700 and I'm short-term bullish above 2700. A threat to the trade is a possible wedge consolidation pattern that could form if 1.2630 is not broken to the downside.

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Source: Forex Signals - EUR/USD Bears Steamroll the Bulls Forex signals from: PipHut.com

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