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EUR/USD Trend Line Retest (November 22, 2013)
EUR/USD finally broke below that tight consolidation on top of a rising trend line, but it appears that a pullback could be in the cards. The pair bounced off the 1.3400 major psychological level and appears ready to retrace to the Fibs on the 1-hour time frame.
The 61.8% Fibonacci retracement level is in line with the trend line and is close to the 1.3500 major psychological resistance. Stochastic is already in the oversold region, with a shallow bearish divergence indicating that bears are ready to push the pair back down soon.
Shorting at 1.3500 with a 50-pip stop and a target of the previous lows around 1.3400 could yield a 2:1 return on risk.
By Kate Curtis from Trader's Way
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