EUR/USD Weekly Signal- Oct. 14, 2013

|

By: John Ursus

EURUSD Signal 101413

Timeframe: W1 Recommendation: Short Position

Entry Zone: 1.3575 – 1.3600
Take Profit Zone: 1.3225 – 1.3250
Stop Loss Zone: 1.3700 – 1.3725

The EURUSD has rallied sharply as visible in this W1 chart and is now trading at double resistance levels posed by the lower band of it resistance zone as well as its Fibonacci resistance. A third bearish signal comes from the formation of a double top chart pattern which is an indicator for a reversal in its current trend.

Overall this currency pair should resume its general uptrend after a minor correction which should take it back down to its support zone. Traders should look into buying the dips below 1.3250 as USD weakness is greater than Euro weakness which should allow the EURUSD to close 2013 at or near 2013 highs.

Professional trader and technical analyst with over one decade of experience. John believes that being a successful trader means you have to be in the minority and defy what is popular. Trading is an art form and not science and there are more myths about trading than there are successful traders.