Tuesday, May 22, 2012

EURUSD Correction Likely to Continue

This pair has been experiencing a retracement after a sharp fall. This pair appears to be still undergoing correction, signifying higher prices before the downtrend resumes.

In the H4 chart, the red region is a potential turning point whereby the correction is likely to end. It coincides with fibonacci 31.8% of the previous 3 weeks downtrend and is a confluence zone. 

Await for price to hit between 1.28441 - 1.2900 with a bearish candlestick pattern before considering a short position and pulling the trigger.

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