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Thread: Discuss EUR/USD News with a DailyFX Analyst
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  #3508 (permalink)  
Old 03-17-2008, 04:41 PM
American Trader American Trader is offline
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Join Date: Jan 2008
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American Trader is an unknown quantity at this point
USD/JPY (currently 97.50) is poised for a new low as long as 99.74 isn't exceeded. If you go to the 15 minute time frame you can see a triangle, which is typical of a 4th wave correction. Wave E of this bearish triangle has just completed and the small rally to 97.50 might be a minute wave ii. Perhaps a good short entry level? This is a pretty aggressive trade as a dollar bottom is coming and the Fed meeting tomorrow is on the horizon.

For me, I'm already short and holding for a new low against 99.86 and will trail my stop on the breakout.

USD/CAD (.9985) and USD/CHF (.9850) appear to be turning down.

American-T
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