Update for: 2012-02-13 - 2012-02-19
Posted on: Sunday, 12 February 2012 19:19
Short-Term Trend: weak downtrend
EUR rose ot 1.3320 last week only to touch the 100-day moving average and pulled back. The fact that the prices remain below the declining 100-day moving average is a sign that the weak downtrend on the daily chart is still intact. And since the market is overbought, the trending conditions do favor a short position here. On the other hand, our wave coung suggests a rally twd 1.3520/1.3720 should be under way. When we have such conflicting messages from the trend-following methodology and from the wave count, it is best to be more deffensive. Since we are already long, that means it makes sense to tighten the stop.
Strategy: Holding long from 1.2900 is favored. Stop below1.3100. Target=1.3700.
Next Update: Sun, 02/19/2012.
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