14 Oct 2013
EURUSD, trend structure weakening - 2ndSkies
FXstreet.com (Barcelona) - EUR/USD failed to hold the important 1.3550 resistance late last week, although early bids along interbank trading at the Monday Asian open allowed the pair to marginally regain the level.
According to Chris Capre, Founder at 2ndSkies: "Although the daily 20ema dynamic support has held, the fact that price action broke above 1.3550, then back below it suggests the trend is weakening."
"I'll look for a LH (lower high) or same high at 1.3645 to short off a price action signal. For bulls, they'll want a daily close above 1.3645 to demonstrate they still have control of the trend" Capre adds.
According to Chris Capre, Founder at 2ndSkies: "Although the daily 20ema dynamic support has held, the fact that price action broke above 1.3550, then back below it suggests the trend is weakening."
"I'll look for a LH (lower high) or same high at 1.3645 to short off a price action signal. For bulls, they'll want a daily close above 1.3645 to demonstrate they still have control of the trend" Capre adds.