Forex Trade Alert EUR/USD.
Monday Feb 22, 2010.
The Momentum Indicator and ( Harami ) candlestick pattern indicate a reversal may be coming (D). It may be wise to exit this
trade. Market is holding below the 1.4218 level. 4xGENIE Action: ==> Maintain short position. Price projection of 1.3652 has been reached. Stop at 1.3838. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here! The CCI is below -100. This Currency Pair EUR/USD is oversold at this time.
The euro broke through the $1.36 support level, signaling a further decline to test support at $1.29. Recovery above the declining (orange) trendline is now unlikely — as is breakout above the declining trendline on Momentum Oscillator (63-day).

- Image via Wikipedia
The market is obviously unhappy with the rate of progress in resolving the Greek debt crisis and is voting with its money.
Current Day Trading Session:
Momentum is continuing downward at the present time.
Next Day Trading Session:
If the next day’s close is above 1.35920 then that could be a sign that the current downward momentum is reversing.
US Dollar Index
The US Dollar Index is in a primary up-trend, breaking through short-term resistance at 80.5 as the euro weakened. The short consolidation indicates trend strength, with buyers preventing a stronger retracement. Reversal below the rising trendline is now most unlikely.
4xGenie Support Team
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