The eur/usd broke below a retracement up trend on Ap 5 and has been in a very nice down trend since. This is just a continuation of a nice downternd that started after the euro topped around Dec 2 2009. Not much euro action overnight. I held my short position overnight and I'm way short euro today, Ap 8.
Good week trading the eur/usd. Went short on break of retracement trendline early. Formed new trendline down. Cashed out with good pips on break back up again. Went long and cashed out on touch of down chanel top trendline at 1.391. Flat now. Not much time till close. I don't usually hold over the weekend due to unlimited gap open risk, so may be done. We'll see.
Stop got hit today. Sold E/U at 1.3604 on positive USD news and naturally some major bearish sentiment was building against the dollar at the time. I've almost decided to stay out of E/U because it's over my head at the moment. Breakout from the downward trend has me seeing a possible fib retracement from last decembers high. Still, with the negative talk surrounding the Euro's plan to repair Greece I'm suprised it is still gaining back ground.
Anybody long Euro right now. If so, whats your reasoning? Thanks!
i think most of the reason would be, because we use technical analysis than fundamental.
Fundamental= u study those unlimited info/news/updates (almost 24hrs) and analysis where it's suppose to go, based on the study.
Technical=somebody else do the fundamental, take action, action reflected on chart, and we take action from the chart. Whatever manipulation/insider trading (if any), would be easily corrected in few hours. Of course, we don't ignore news totally, but not as much as fundamentalist.
Will see if the euro goes up after all the help Greece is getting. Let`s see if the investors believe is enough to trust in the euro one more time. Now is trading low but will see in the London session, maybe it will give it the push it needs.