EURUSD: Following a price collapse wiping out almost all of its two-week gains and a break below its medium term rising channel the past week, further corrective weakness is expected to push the pair further lower. Guest post by www.fxtechstrategy.com Despite its attempt at repairing a part of that technical damage in early trading today, corrective risk still points to the downside with its bearish engulfing candle pattern on the weekly chart (top reversal signal) supporting this view. Our minimum downside target stands at its April 18’2011 low at 1.4156 with a break and hold below that level aiming at the 1.4061 level, its April 01’2011 low and then the 1.4020/00 levels, its mar 28’2011 low/psycho level. Its daily and weekly momentum indicators are bearish and pointing suggesting further weakness. On the other hand, the pair will have to return into its broken channel and then climb back above the 1.49.38 level, its 2011 high to reverse its present downside pressure. This will trigger the resumption of its long term uptrend towards the 1.5140 level, its 2009 high and possibly higher. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next 5 Reasons for the fresh EUR/USD Fall – Updates on Yohay Elam 12 years EURUSD: Following a price collapse wiping out almost all of its two-week gains and a break below its medium term rising channel the past week, further corrective weakness is expected to push the pair further lower. Guest post by www.fxtechstrategy.com Despite its attempt at repairing a part of that technical damage in early trading today, corrective risk still points to the downside with its bearish engulfing candle pattern on the weekly chart (top reversal signal) supporting this view. Our minimum downside target stands at its April 18'2011 low at 1.4156 with a break and hold below that level aiming at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
