{"id":17326,"date":"2010-12-28T08:35:43","date_gmt":"2010-12-28T13:35:43","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17326"},"modified":"2010-12-28T08:35:43","modified_gmt":"2010-12-28T13:35:43","slug":"eurusd-short-opportunity-at-the-trend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/28\/eurusd-short-opportunity-at-the-trend-line\/","title":{"rendered":"EUR\/USD \u2013 Short Opportunity at the Trend Line"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong><\/p>\n<p>An early morning rally in light liquidity has sent the EUR\/USD close to its downward sloping trend line, setting up an <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/12\/02\/selling-euro-strength\/\">entry opportunity <\/a>to go short.<\/p>\n<p>Following a rise in the price of the  EUR\/USD during the Japanese trading hours, the pair is trading close to  its downward sloping trend line that falls from the November high and  has a contact point in mid-December.<\/p>\n<p>Traders can use this point as a setup to go short on the pair that is  in a clear downtrend since November. The trend line should act as a  resistance to any further move higher.<\/p>\n<p>The first target will be the 50% Fibonacci retracement level from the  June to November move at a price of 1.3080. This area has served as a  support level during the consolidation pattern of the past two weeks.<\/p>\n<p>Further support will be the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/12\/22\/eurusd-testing-200-day-moving-average\/\">200-day moving average <\/a>which comes in today at 1.3040, as well as the November low at 1.2870.<\/p>\n<p>A stop loss can be placed above the close of yesterday\u2019s candle by 20  pips at a price of 1.3274, giving traders a healthy 5:1 profit to risk  ratio.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/EURUSD_Daily2.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/EURUSD_Daily2.JPG\" alt=\"\" width=\"568\" height=\"576\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><br \/>\n<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                                                                                                      may           not          be                                    suitable                 for               all                                                          investors.                                There                     is       a                                                                                                possibility                                    that                                                you                             could                                           sustain  a                  loss                            of          all                    of                          your                                                                                       investment           and                                                                        therefore          you                                                          should                 not                                          invest                                          money                 that                      you                                                       cannot                                        afford     to                                                 lose.             You                                                    should                     be                            aware                  of                                     all                        the                       risks                                                                        associated                            with                                   Foreign                                                 Exchange                                                         trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first target will be the 50% Fibonacci retracement level from the June to November move at a price of 1.3080. This area has served as a support level during the consolidation pattern of the past two weeks.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-17326","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=17326"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17326\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}