Monday, June 20, 2011

EUR/USD Still Holding Resistance 6/20

To the left is a 4 hour chart of the EUR/USD and while the pair sold off a good amount overnight, it pulled back strong this morning. It seems we are still within the most recent retracement limits shown in purple and still holding the first level (38.2% @1.4312) of the major retracement in yellow. We also see the MACD pulling back considerably on this up move so far without making a new high. This again looks like a good opportunity to get short the pair.

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