Confessions of a Forex Trader

Even though there has been a small retracement in the EURUSD in this session, we are still in a bearish market condition:

EURUSD

Last Friday the Euro broke an important resistance level, so it is likely to continue its way down until it reaches the next long term support level around 1.4517.

Here is my trading plan:

As long as the EURUSD trades below 1.4683 I will be looking for short trade opportunities. My next LT support level is at 1.4517

All long opportunities will be ignored.

Trade Safe!
Raul Lopez

Tags: Euro, Euro analysis, EURUSD Analysis, Forex majors

This entry was posted on Monday, December 14th, 2009 at 3:04 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.