Update for: 2012-02-20 - 2012-02-26

Posted on: Sunday, 19 February 2012 20:28


EURUSD: 1.3138

 Short-Term Trend:  weak downtrend


EUR declined below 1.3100 and thus our long idea was stopped out last week with a decent profit. Now, the daily chart is negative to neutral with the prices still below the 100-day moving average. And the daily oscillators point lower. So, our trend-following methodology favors a short position here. But the wave count still suggests gains twd 1.3520/1.3720 area. In such situation with conflicting signals, it is reasonalbe to stay out.

Strategy: The hypothetical long from 1.2900 was closed at 1.3100 with 200 pts profit. Stay out.

Next Update: Sun, 02/26/2012.

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