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Collins: A series of sell-offs for EURUSD

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October 15, 2014 alan collins 3c analysis, dollar, dollar strength, euro, euro german economy, euro germany, euro weakening, fed, fed rate decision, fed rates, federal reserve, forex, forex buying, forex eurusd, forex idea, forex market, forex markets, forex saxo bank, forex trade idea, forex trading, forex trading 2014, fx, fx crosses, fx investing, fx market, fx markets, fx options, fx saxo bank, fx spot, fx strategy, fx trade, fx trade idea, fx traders, fx trades, fx trading, fx trends, fx volatility, german economy, germany, global, global economics, global economy, global econopmy, global equities, global expansion, global financial crisis, global growth, global markets, global outlook, saxo, saxo bank, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo traders, saxo tv, saxo tv alan collins, saxo tv saxo bank, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, trade idea, trade view, traders tale, traders tale alan collins, traders tale saxo tv, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor.com, tradingfloor.com insights, tradingfloor.com saxo tv, tradingfloor.com trade ideas
The upside failure on Tuesday highlighted a bearish trend for EURUSD, corresponding with news that the eurozone economy had weakened. Data out of Europe suggested slowing economic growth, with Germany explicitly cutting its growth forecasts for the year. A similar type of selling pressure was seen on Monday as sellers entered the market at the 13 day moving average. Alan notes that investors are using these short rallies to find better levels to sell.
With this bearish trend in place, Alan is looking for rallies to be temporary as selling pressure continues. He is targeting a re-test of this year’s low at USD 1.2500 and an important 76 percent correction point at USD 1.2583. A stop can be placed at USD 1.2710, as a move above this level may compromise the recent bearish momentum.

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