Update for: 2011-12-19 - 2011-12-25

Posted on: Saturday, 17 December 2011 22:42


EURUSD: 1.3042

 Short-Term Trend:  downtrend


A few weeks ago I favored a short position in the 1.34/1.35 area. Since then EUR has been under heavy pressure and has already declined below 1.3000 level. As the daily chart remains quite negative with prices below the declining 21-day moving average, I expect to see fruther weakness twd 1.2870 and possibly to 1.2670 before this leg lower is over and a strong counter-trend move up develops. Having said that, holding short remains my favored strategy here.
On the upside, a firm and sustained trading abv 1.3200 will suggest a temp. low has been found already....

Strategy: Holding short remains favored with a stop abv 1.3250

Next Update: Mon, 12/26/2011. I wish everyone a Merry Christmas. Be inspired and inspire others to make changes in their life! Alexander

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