EUR/USD bearish outlook – for February 07, 2013 (Daily Strategy)
The euro was trading at 1.3543 this morning in the American session. We have drawn a line from a low of 1.30, projecting an uptrend. The pair is trading above this line. It has already had three attempts to break this channel this morning. If you look at the chart below, the momentum indicator is showing a bearish signal, which will be confirmed with the break in the line trend. So we recommend selling below 1.3485, because at that level there is the daily fractal, and if the euro closes the day below this level, it is likely that for the next few days there is a correction to the level of 1.3250, the next fractal. Therefore, we recommend selling the pair only if it the requirements are fulfilled.
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