Forex Trade Setups Commentary: EURUSD weakening 8-21-10

Forex Trade Setups Commentary: EURUSD weak on all time frames

The EURUSD has been steadily losing ground over the last 2 weeks and appears to be susceptible to further declines over the coming weeks.

We can see in the monthly, weekly, and daily charts below the 8 and 21 moving averages are now crossed lower on all 3 time frames. This market has the potential to move lower and re-test support near 1.1875 before we see another substantial leg higher.

There obviously is no guarantee that price will indeed move all the way to 1.1875, but given the current bearish picture of the EURUSD it seems logical to only trade bearish price action setups until we see clear signs of the bulls regaining control in this market.

MONTHLY

WEEKLY

DAILY

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Commentary:

The U.S. dollar was strong on Friday, gaining against all the other majors except for a break-even performance against the New Zealand dollar which remained relatively buoyant.

The Dow dropped 57.59 points, or 0.56 percent, the S&P 500 lost 3.94 points, or 0.37 percent, and the Nasdaq gained 0.81 points, or 0.04 percent.

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