EUR/USD: A Bearish Signal
We have made a quadruple top on the 60 min charts. This is quite a bearish signal, therefore leaving the market vulnerable today. Med term stochastics are beginning to turn negative and already the 60 min charts look weaker.So as we have made this top, if we stay below 1.3800, we will be looking at the market coming lower for 1.3711 once more. Here cover shorts and attempt extremely small longs. If 1.3700 breaks we would be looking at the market coming lower with 1.3685 the first target with potential for 1.3670.So 1.3800 is the key for today. A break above here blows away the topping pattern leaving 1.3860 then as your targeted area. Cover longs and only re-instate longs if above 1.3860, but take profits quickly as the med term overhead turning stochastics loom ominously.
EUR/USD” title=”EUR/USD” height=”603″ width=”964″ />