Bearish Trend (2010-09-07 EUR analysis)

These days FX seems to move faster and faster and is quite difficult to catch. We would have to look at the whole trend on longer time frames even when we are trading 5-min chart.

4H Chart for Euro:

EUR clearly has a reversed trend after the short-term trend of going upwards. 23.6%-fibs level would be the first little support, which is at around 1.2762, but I would expect it to fall back to the red line. MACD further reinforces the bear. At this stage, we could take little risk to short little Euro becasue it is still hanging in the middle. And if it plunges through 23.6% then we can rasie the bet.