Daily Outlook 08.02.2008 by Dimo Dimov

The last few weeks’ movement is developing in a triangle upon me. It is still not clear if it is bullish or bearish. However with an eye on the relatively close stop loss I continue to be short. A key support is 105.70. A key resistance is 107.88

Trading strategy: 11:21 EST; 16:21 GMT

Short position from 107.28, stop loss - 107.95 (stop and reverse), target – 104.85

Confidence level – changed from medium to low

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.