Wednesday, August 27, 2014

Shorting EUR/USD based on support and resistance




















These are my support and resistance levels for EUR/USD. I entered a short at 1.32 last night as this pair hit resistance but there were no external forces to drive the Euro up. Consumer confidence in the US came out good but this pair did not move much in the first hour and I expected a drop to take place on a longer time frame.

I closed this trade with a 40+ pip gain.

My long term view for this pair remains, which is still short.

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