Wed Jan 12 2011 8:14 am EST (GMT -5)

Radar Signal

Currency Pair:EUR/USD
Direction: Short

Trader Comments : We are looking at EUR/USD as an intraday short opportunity. After spiking to 1.3045 hours ago, it has fallen below 1.3000 and is now consolidating. We are looking for an inverted flag or pennant pattern to develop on the 15-min chart. We would like to find an entry point in the 1.30000/3020 area. However, we may also short from lower levels if no such retracement is seen.

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