Bears Regain Control of the Euro?

Colin Jessup

By: Colin Jessup

Today's daily EUR/USD chart has given us a great bearish continuation formation.  Price action hit a high of 1.3690 before falling and closing below the resistance level (1.3649) with a low of 1.3532.  We have some support levels at 1.3525, 1.3490 and 1.3450 below that.  4 hours into the Asian session we are seeing price action moving upwards, which as we all should know, does pretty much the opposite of whatever UK/USA session accomplishes.  Price is likely to fall towards the end of the Asian session, or after the UK open.  If however, price turns bullish we will see resistance above at 1.3580, 1.3615 and 1.3649.  A word of caution, we have the EMU's Industrial Confidence numbers and hte USA's GDP report coming out tomorrow.

 EUR/USD Daily Analysis, September 29, 2011

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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