11 Nov 2013
EUR/USD: Look to short at 1.3460 - 2ndSkies
FXstreet.com (Barcelona) - The EUR/USD has been smashed over 500 pips in the past 2 weeks, accounting to an average of 50+ pips of daily falls, since the late Oct. highs above 1.3800, with the most worrying sign being the lack of bounces.
As the technical picture stands, on the aftermath of the massive EUR long squeeze seen, Chris Capre, Founder at 2ndSkies, continues to subscribe to the idea of selling the EUR on strength, saying "the outlook is still bearish while below 1.3460."
Capre notes: "I'll look to short the pair on any corrective pullbacks or absorption at 1.3460 which is a key level and breakout pullback area. Only a daily close above 1.3645 would change my bearish perspective."
As the technical picture stands, on the aftermath of the massive EUR long squeeze seen, Chris Capre, Founder at 2ndSkies, continues to subscribe to the idea of selling the EUR on strength, saying "the outlook is still bearish while below 1.3460."
Capre notes: "I'll look to short the pair on any corrective pullbacks or absorption at 1.3460 which is a key level and breakout pullback area. Only a daily close above 1.3645 would change my bearish perspective."