EUR/USD Watch for Bearish Action Around 1.3470

Doug Rosen

By: Doug Rosen

This pair is looking extremely bearish today. On the daily chart price is up against the 13 ema and is currently between the 50.0 and 61.8 Fib level of the recent drop down.

 EUR/USD daily Analysis, October 07, 2011

I would also like to point out that the 61.8 fib level just happens to overlap with the monthly and weekly central pivot point at around 1.3480.

 EUR/USD 4hour Analysis, October 07, 2011

At the time I am writing this analysis it appears price has already reacted to yesterday's high of 1.3450, however, I am expecting price to fib and bounce off the 15 minute 55 ema then to go up just a bit more before it begins to drop very hard.

 EUR/USD 1hour Analysis, October 07, 2011

Remember, try to time these levels with the USDCHF levels to get into a reliable, more precise entry. Be cautious while trading this pair today since it is the U.S. Non-Farm Payroll coming up in just a few hours.

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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