Forex Signals Sept 16th – EURUSD Dead Cat Bounce

ForexNewsNow | Published on September 16, 2011 at 3:29 am

Daily Outlook: Our trade from Tuesday got stopped out for +10 pips (it got up to +50) on our tightened stop loss, and no additional trades were made yesterday as the pair busted through the top of its channel without  ever dipping to the bottom of the channel.

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Bulls accelerated upward yesterday through the top of the channel, forming triple support fan-lines before dying out at 1.3900. We are still primarily bearish on the pair but will begin adding more longs to our setups to acknowledge the recent bullish influence on the charts.

Trading Idea: For our primary trade we are looking to get short on a sustained break below 1.3825 (aggressive rising support) with targets at: 3800, 3775, 3750 and 3725 for 100 pips potential.

We will also look to close and get long near 1.3800-3815 (for those wishing to get long first this could be considered the primary trade) with CandlePRO candlestick confirmation and targets at 3830, 3855, 3880 and 3910 for 100-115 pips profit.

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Source: PipHut

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