Article originally published on innerfx.com and republished here with permission
Good morning. The last few days have been bad for the euro as it retreated against its major counterparts across the board.
Former support at $1.2800/20 was easily breached and there is no sign of relief ever since. Should the euro recover some ground though, it’s quite possible that more sellers are waiting in line to pull it lower.
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on pullback to 1.2730, stop above 1.2780, target at 1.2600
EURUSD daily 11-13-2012
EURUSD hourly 11-13-2012