Tuesday, June 29, 2010

Forex - Euro Showing Signs Of Weakness


Above is a chart of the Euro , British Pound and the Swiss Franc.  As you can see all three currencies are in long-term  downtrends. Over the past few weeks all three currencies have rallied with the Swiss Franc being the strongest while the Euro is clearly the weakest.

The Euro did not participate much in the rally over the past few weeks. In fact, the Euro looks like it is ready to roll over. Being that the longer term trend is down, I shorted the Euro today on the gap down open. It would have been nice if I shorted the Euro yesterday but who knew everything would gap down sharply lower today on the open. My protective stop is above last week's high.

1 comment:

FX Trader said...

EURUSD spikes up and moving higher. Very hard to trade these days.

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