30 Jan 2014
Flash: EUR/USD 1.3775 is still a good level to sell into - FXStreet
FXstreet.com (Barcelona) - Goncalo Moreira CMT, FXStreet Technical Analyst believes that 1.3775 is still a good level to get short at.
Key Quotes
“This market had the chance to activate those sell orders located at 1,37 and above and is probably net short now which may limit the EUR/USD downside. The reason a 4H chart has been used to show the price levels on the positions table, and not a lower time frame is because the range between the highest and lowest order is quite large.”
“If you are not in a position yet, we would recommend to wait until the table shows a less confusing liquidity distribution. Should we have negative USD news sharp spikes can originate through the stops located at 1.3675 and 1.3715, the latest an area to possibly sell into. Ideally we would like to sell on a fast rally into 1.3775, but should the price trajectory be slow, abort the idea.”
“The average sell level is currently at 1.3691 which is 137 pips above current price. On the other side, the average buy price is 1.3644, which would be on the red now by 90 pips. Our inference is that short-term shorts will either take profits soon if they haven't already.”
Key Quotes
“This market had the chance to activate those sell orders located at 1,37 and above and is probably net short now which may limit the EUR/USD downside. The reason a 4H chart has been used to show the price levels on the positions table, and not a lower time frame is because the range between the highest and lowest order is quite large.”
“If you are not in a position yet, we would recommend to wait until the table shows a less confusing liquidity distribution. Should we have negative USD news sharp spikes can originate through the stops located at 1.3675 and 1.3715, the latest an area to possibly sell into. Ideally we would like to sell on a fast rally into 1.3775, but should the price trajectory be slow, abort the idea.”
“The average sell level is currently at 1.3691 which is 137 pips above current price. On the other side, the average buy price is 1.3644, which would be on the red now by 90 pips. Our inference is that short-term shorts will either take profits soon if they haven't already.”