I believe the EUR/USD has finally started moving lower again and will accelerate to the downside after a small retracement from gap support. This will likely coincide with a drop in the price of equities, and an overall shift towards safety. The move from the top at 1.3095 so far looks impulsive and the Euro has been comparatively weak across the majors which I expect to continue over the coming few days. It does not appear that the news about the situation in Greece has done much to shift overall sentiment toward the Euro. I took a short position from 1.2990 and have my stop just above the high at 1.31. If you are looking to enter the trade wait for a pullback after the gap is closed but beware if equities drop off and the markets move into a state of panic price may slice through support at 1.2750 and 1.2550 hard and fast.
No comments:
Post a Comment