US DOLLAR INDEX: The US Dollar surged to a fresh 2-year high against a basket of currencies on Tuesday before finding resistance at a key fibonacci retracement (78.6%) of the decline from the 2005 high to the 2008 low. A very distinguishable distribution pattern (Head & Shoulders) materialized while the EUR/USD was forming a double bottom. Together with over-extended daily readings, a reversal probed through the 10-day moving average for both the EUR/USD and US Dollar Index. Expect dollar strength while the 20-day moving average remains in-tact.
Strategy Summary: SHORT EUR/USD AT 1.4152 FOR 1.2445 (3rd TGT) ADJUSTED STOP at 1.3315
Strategy Summary: SHORT EUR/USD AT 1.4152 FOR 1.2445 (3rd TGT) ADJUSTED STOP at 1.3315
No comments:
Post a Comment