I think Bernanke and his friends want us to believe they have everything under control well maybe they do coz they aint bothered that the Dolla is falling they have an excuse for that just as he has explained...
So maybe we should beat the Dolla to a pulp that will make them talk a little tough on matters Dolla related
FAITH is Believing what you Dont SEE The REWARD of FAITH is Seing What you BELIEVE
I have a feeling your stop is going to get hit first. Seems the bulls are in charge again in the Euro.
Sean, you are right that bulls are in control but that's a risk I'm willing to take. 1.4725 area gives a good confluence to short IMHO. As you can see from the chart that blue trendline held as support for some time and now is acting as resistance. That's the last stand for bears to take the price down. If the bulls manage to break it and move the price above then all the bets are off and new highs are likely.
Sean, you are right that bulls are in control but that's a risk I'm willing to take. 1.4725 area gives a good confluence to short IMHO. As you can see from the chart that blue trendline held as support for some time and now is acting as resistance. That's the last stand for bears to take the price down. If the bulls manage to break it and move the price above then all the bets are off and new highs are likely.
its very rare that GDP estimates are not at least met, and 2.5% YoY growth is enough for Trichet to get hawkish in the meeting on Thurs imo. I think you will know whether the short will work after 10am tomorrow morning when euro GDP is released (n.b. Germany has been beating a lot of expectations recently)
i think you can put the stop a bit tighter than 1.48 with R2 at 1.4780 if that is passed 1.48 is almost a certainty imo
...i think you can put the stop a bit tighter than 1.48 with R2 at 1.4780 if that is passed 1.48 is almost a certainty imo
Thanks for the hint but there is a reason why I placed the stop at 1.4801 and that's an option barier at 1.48 which would be tough to break in my opinion.
We have been unable to make progress on EUR/USD today and it appears we're going risk off for Asia. With Euro Zone GDP coming up and ECB Rate Decision Thursday I took profits. Even if we're continuing higher we could correct quite sharply. If we're higher in the morning we can still get back in just at a higher price. Good for risk management. Meanwhile I'm still short EUR/GBP and short EUR/JPY is looking good. Looking at USD/CHF and AUD/USD I don't think this is the US Dollar bottom.
Sean, you are right that bulls are in control but that's a risk I'm willing to take. 1.4725 area gives a good confluence to short IMHO. As you can see from the chart that blue trendline held as support for some time and now is acting as resistance. That's the last stand for bears to take the price down. If the bulls manage to break it and move the price above then all the bets are off and new highs are likely.
Nice! didn't see that.It appears Asia is in risk off mode currently. Look at AUD/JPY sitting at 85. USD/JPY back below 80. The yen is getting stronger. Euro slightly down..Interesting remaining week shaping up.
Sean, you are right that bulls are in control but that's a risk I'm willing to take. 1.4725 area gives a good confluence to short IMHO. As you can see from the chart that blue trendline held as support for some time and now is acting as resistance. That's the last stand for bears to take the price down. If the bulls manage to break it and move the price above then all the bets are off and new highs are likely.
The problem with trendlines is you can usually make it work more than 1 way. I adjusted your trendline just a little and now resistance is at above 1.48.
The Euro continues to strengthen against the US Dollar and the Euro reached 1.47 which was yesterday’s target. Today the trend remains bullish and will continue to do so as long as price trades above 1.4645 which is the overnight low. Given the positive trend we assume that EUR/USD will reach 1.4750 in today’s trading session which is in the region of the lows of the major EUR/USD top from the beginning of May 2011. A breakout below 1.4645 means the end of the bullish trend and a move to 1.4565 is expected in this scenario.
EUR/USD 30 min chart
Regards Alejandro Zambrano
Currency Strategist | DailyFX Forum (London) azambrano@fxcm.com
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Originally Posted by JimboFX
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