Euro, in an excruciatingly slow grind upward, managed to achieve a high of 1.3684 this morning. So the trend is still up but it does appear to be running out of gas. As someone once said, you can't bunt it out of the park. Given some of the technical signals, given that historically the Euro has tended to rally in September and given that we're at the end of the month, it's time to take some profits if you're long and to possibly think about shorts.
As I wrote yesterday, the upper channel line is around 1.3750 and this is also near a calculation point for the Euro correction as well as polarity. There are also negative divergences popping up in various time frames.
I'm still looking to short and I hope to do so around 1.3730 or so.
No need for a chart as there isn't that much to show from yesterday's chart.
© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.
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