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  3. EUR/USD Again on Downtrend
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EUR/USD Again on Downtrend

By Sara Patterson
Sara Patterson
By Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.

By: Sara Patterson

EUR/USD Analysis, July 12, 2011

EURUSD: 1.3932

Very Short-Term Trend: downtrend

Outlook: The EUR hit below 1.4070 yesterday and now is downtrending strongly, not only on the hourly chart but on the daily chart too. This break indicates that a downtrend toward at least 1.3520 is under way. If so, EUR/USD is expected to remain under pressure in the next several weeks. Right now EUR is oversold and a recovery toward 1.4070/1.4100 area is likely to be seen before its next slide. So, trading from the short side is favored but it is difficult to find a low risk entry point now.

Strategy: Stand aside. 

Sara Patterson
About Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.
 

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