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Currency Trading Commentary: Euro Woe Continues

May 9, 2012 By admin Leave a Comment
Currency Trading Commentary: Euro Woe Continues

Currency Trading Commentary: Euro Woe Continues

The bias for the EURUSD is bearish.

 

The shorter-term EMAs have crossed lower and are diverging, and the price action has extended away from the longer-term EMA filter, which is negative.

 

The price action is also on the verge of breaking down below a key horizontal level which, if breached, could induce further selling.

 

Traders can consider on stop sell orders at 1.2955, looking to catch the breakdown on the way through.

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