Forex Signals - EUR/USD Bears on Thin Ice

By IBTimes Staff Reporter | December 21 2009 2:38 AM

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On Friday's signal I was bearish below 1.4420 and we had a double-confirmation signal (timeframe confluence) with a hanging man on the 30m chart at 8:30a and a hanging man on the 1h chart at 9:00a - both right below support at 1.4400. Quite a few of you got in on that and it yielded good pips (110 pips if you used my targets to 1.4290).

Daily Outlook: Markets are now razor-thin now as vacation week officially sets in before the major holidays coming up before the end of the year. These thin-markets can cause major whip-saws and I recommend you tighten your wallets and trade very conservatively - if you trade at all. For my part the EUR/USD is still very bearish and 1.4420 is still the key resistance level. Below 1.4420 I remain short-term bearish on the pair. I will therefor be looking for candlestick signals to short on near this level.

Trading Idea: Looking for short signals to sell on around 1.4420, a key resistance. Short targets preferred at .1.4390, 1.4355 1.4320 and 1.4290. If 1.4430 is broken to the upside look for a re-challenge of 1.4500.

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