BabyPips.com FX-Men Team
BabyPips.com
EUR/USD: 1-hour
I spy with my Ray-B-covered eyes a retracement play on EUR/USD! The pair is having trouble gaining momentum after passing the 1.0600 mark and technical indicators aren’t making it any easier for the bulls. For one thing, EUR/USD is hovering just below a falling channel resistance. Not only that, but it’s also near a 200 SMA line! The cherry on top of the bears’ sundae is an overbought Stochastic signal. Think the euro is about to see losses against the Greenback? Stops above the 1.0650 handle could make for a good trade if you believe that the pair isn’t done falling just yet. Of course, you can also wait for a break above the technical levels if you’re one of them dollar bears.
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