By: Sara Patterson
EURUSD: 1.4469
Very Short-Term Trend: weak uptrend
We've seen a strong resistance at the 1.4570 level for the past day or so but we need to see a move below 1.4440 to confirm that the current leg up from the late June low has ended. The market is now oversold on the hourly chart so it's questionable whether t it will break down directly from here (though it would't be impossible). We will likely see further sideways trading between 1.4440 and 1.4570 before the bears take control later this week. In the event that the 1.4440 level gives way, swift losses toward 1.4340 will become likely....
Strategy: Shorts favorable on break of 1.4435. Stop=50 pts. Target=1.4345.