Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

EURUSD Moves Lower From Fakey Setup

The EURUSD rotated lower today and triggered a fakey sell signal entry from the fakey setup that we first discussed in our commentary from last Friday. In the chart below, we can see that the market retraced to just over the 50% level of the pin bar / false-break bar from last Friday, this provided for a tight stop loss and solid risk reward potential. A 1:2 risk reward was already possible depending on stop loss placement and entry level, there's potential for this market to continue moving lower if it can break down past 1.2960 support.

1372816745- clip- 18kb