EUR/USD pulling back

By: TrendRecognition.com

EURUSD: 1.3237

Very Short-Term Trend: sideways consolidation

Outlook: EURUSD was very strong yesterday but so far it remains in the broad 1.3070 - 1.3270 range. And since it is near the upper limit of this range, the odds favor a pullback from here.

EUR/USD Technichal Analysis 30-10-2010

Plus, the hourly oscillators are now overbought and also ready to turn lower. A move below 1.3200/1.3180 will confirm this consolidative outlook and will likely bring weakness towards 1.3110/00 today or tomorrow.

On the upside, a move above 1.3270 negates, signals the hourly trend has turned up.

Strategy: Shorts favorable at market (1.3235). Stop=1.3280. Target=1.3125.