Fan Yang, Chief Technical Strategist at FXTimes affirms that the chart in the four hour timeframe shows a classic bearish continuation according to certain technical indicators.
He points out that the RSI is held below 60 and about to break 40; ?breaking 30 reaffirms the bearish continuation scenario for the rest of this week and into the next.? Also Yang adds that the pair respected the 200-SMA after breaking below it and says that a small channel is seen broken to the downside with sharp candles.
Currently the pair is moving off session lows, trimming losses. EUR/GBP trades above 0.8750 but is still more than 30 pips below the price it had at the beginning of the day. The decline of the pair in today?s trading is being accompanied by losses in other Euro crosses.
� 2011 ?FXstreet.com. The Forex Market? All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=73048ac7-2301-47ee-a978-daa6c8e614af
Forex Trading Signals Forex Strategies Forex Trading Strategies Currency Trading Forex Signal Service
No comments:
Post a Comment