EUR/USD Looking Very Bearish Today

Doug Rosen

By: Doug Rosen

The new week begins with price opening up way below the 5 ema and price made a rather large gap over the weekend, I expect after the gap fills price could head up a bit until weekly price makes contact with the weekly 5 ema. Moving on to the daily time frame price appears to be riding the 5 ema down. I see what will be strong support at around 1.3156 If price falls to that area for sure there will be a bounce. Price is also in the oversold zone of the daily stochastics.

EUR/USD Daily 11/28/11

On the 4 hour time frame price has made a 61.8 fib around 1.3335 which overlaps with the 21 ema so this should keep price heading downward for now.

EUR/USD 4 Hour 11/28/11

On the hourly time frame I can see price has bounced off the 55 ema which is nearly overlapped with last week's central pivot.

EUR/USD 1 Hour 11/28/11

On the 15 minute time frame price poked the 233 ema then fell, made a 61.8 fib then dropped. Now it is approaching the 55 ema so we will see what happens. All in all, this pair has a bearish look to me.

EUR/USD 15 Minute 11/28/11

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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