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Trading the Euro

Recs

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April 05, 2011 – Comments (0) | RELATED TICKERS: ULE , URR

There is a possible buy zone shaping up in the Euro.  If we can get down to the 1.4075-1.4095 area sometime today I would look to get long with a stop below the most recent pivot low of 1.4041.  This area could produce a real nice bounce.  Reasons for this trade: the move down from the 1.4249 high has been weak.  You see alot of medium deep to deep retracement, which are bullish.  Down at the box area buy zone you will see a confluence of fib support along with an upward sloping trendline.  If the move lower takes out the 1.4041 level get out.

Here's the Chart Analysis on the Euro Trade

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