Eur/Usd: Drops Below Support More Losses Ahead

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Over the Weekend I posted that there was a weekly bearish bar on the Eur/Usd that indicated more losses. This week we had range trading all week and the Eur/Usd stayed within a range until last nights trading. Last night the price broke down and the downward trend continued.

If you happened to follow my recommendation on this trade you would be at a nice profit right now. This week we had another drop so If you are holding this pair short move your stops as the price drops lower. If you are not in wait for another retrace and wait for a bearish candle to enter short.

August 20th

August 20th

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Jeaccpa

    hi Casey, 1H chart got a hammer and posing to test kijun at 1.2750. Can you please confirm and also if this has a possiblity to retrace up to 1.2800? Thanks

  • nzphil

    Yes great trade setup Casey . I booked +130 pips on it last night Still in for the 1.20

  • Fxtango

    Agree. Compare 6 months downtrend with 2 months up trend. Uptrend was too steep. It was short term correction. Ill take the risk for short.