A +700 pip potential Euro trade?
Author: Varun Kanotra
Website: http://www.expertfuturestrading.com
Posted: August 26th, 2009 at 11:36 am EST
Some interesting things have been developing in the Euro lately. As per my technical analysis, the recent re-test of the highs at 1.4378 should be the last time the Euro sees that number. This number got re-tested two days later and as I am looking at the market right now, the Euro made new lows today.
I entered short around 1.4308 and the momentum and certainly been strong in the US session today to the downside pushing the Euro to new lows on the daily chart. Here’s what the chart looks like:
The Euro should continue lower from here with the next set of targets being 1.4163 and eventually 1.3735 (as shown on the chart). For this swing trade, your stop should be placed a tick above the previous high i.e. 1.4450.
Varun
Comments
Leave a Reply
FREE 58-page Forex ebook, 