EUR/USD – Euro Dollar (1st Dec 2008)

Short term (Intraday)

1,2610. EUR/USD is in a consolidation after the last bearish movement. The volatility decreases. Bollinger bands are parallel and form the trend. ForexTrend 1H, daily (Trend Indicator) is in a bearish configuration. The downtrend should continue on 1,2440 support (170 pips).

We could take a short position at 1,2620. We will put the stop loss above 1,2710 (-90 pips). The targets are 1,2450 (+170 pips, risk/reward 1:1.9), 1,2400 (+220 pips, risk/reward 1:2.4) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 2.

Resistances 1,2710 – 1,2760
Supports 1,2575 – 1,2450