Thursday, August 16, 2012
Stocks Pushing the Bears to Limit; Euro Setup in Place
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As for the EUR/USD, I'm keeping it simple as I usually do. The rally may be faultering here, but the series of higher highs and higher lows is still intact. So I want to wait for that uptrend to break down before getting short. A nice break of 1.2242 should break the uptrend and result in more heavy selling to new lows. I have a sell order in at 1.2230 which will execute a protective stop order at 1.2400.
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PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.