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2 May 2013
Forex: EUR/USD forms a false break at 1.32 - 2ndSkies
FXstreet.com (Barcelona) - After unraveling its day range by breaking through 1.3130 on Tuesday and 1.32 the next day, EUR/USD failed to sustain the bullish momentum through the last US session, with the rate closing at 1.3175 after a 1.3240 high.
As Chris Capre, founder at 2ndSkies, notes: "EUR/USD formed a false break and pin bar signal. The false break is from the prior 2-bar swing high on the 16th/17th which was at 1.3199, with today’s high peaking at 1.3242, but closing at 1.3178."
"Sell signals between 1.3200 and 1.3242 are a decent play for bears, while a break above this puts 1.3300 in focus. However more bearish selling from here will put 1.3100 up first, then 1.3000, so some decent downside as well" Chris added.
As Chris Capre, founder at 2ndSkies, notes: "EUR/USD formed a false break and pin bar signal. The false break is from the prior 2-bar swing high on the 16th/17th which was at 1.3199, with today’s high peaking at 1.3242, but closing at 1.3178."
"Sell signals between 1.3200 and 1.3242 are a decent play for bears, while a break above this puts 1.3300 in focus. However more bearish selling from here will put 1.3100 up first, then 1.3000, so some decent downside as well" Chris added.