Price Action - EUR/USD Short Opportunity In The Making!

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December 12, 2006

Price Action - EUR/USD Short Opportunity In The Making!

December 12, 2006
From The Trading Desk of Peter Bain:

According to COT, the Big Dogs are extremely short the Aussie, euro and the pound, and headed that way on the Swissy. Not only that, but they are extremely long the USD. This is the divergence and perfect set-up that we look for when we are looking for a turnaround in a currency pair. My reading on the euro (EUR/USD) is that it is getting tired. Witness a spinning top on the monthly chart. And, witness price’s inability to break the 3270 level. Also, it is plainly overbought on the daily and weekly charts. So, we have a confluence of events here that tell me that we should be on the lookout for a good short on this pair. It’s not far off. In the meantime, the USD/CAD pair continues to march to the moon, and I know some of you are enjoying the ride. It has convincingly taken out the number two point of the 1-2-3 bottom. Ka-Ching!

-Peter
forexmentor.com

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