Intraday trading analysis (tips) for EUR/USD 11 March 2011, we recommend, Enter short (sell) EUR/USD below 1.3795 for target of 1.3745 and 1.3715 also place protective stop loss above 1.3815.
Reason to go Short: The pair didn’t take support at 38.2 % retracement level and is heading towards the 50 % retracement level (1.3737). Also EURO has broken its support level and the pair is now heading towards next support. RSI support the down move and is in favor of the trade on 4 hour chart. So we can see further weakening in this pair, so the down-trend must continue and trading in the direction of the trend we recommend to trade short (sell) on this pair.