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Dynamic Trader Blog - Forex Chart Pattern Signals

Monday, January 08, 2007

Bearish Euro

euro daily chart strategies
Chart courtesy of Dynamic Traders DT5. Data provided by Esignal.
Above is the Euro daily chart. From the high it produced a low before attempting to re-test the high and failed at 0.786 then continued a move down to 12980 (previous resistance which is now a support). If we break the 12980 convincingly then we can see further movement to the downside. I have added the extensions in blue for support levels should it continue with the bearish stance.
Hope you all have a good trading week.