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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
Are we talking dollars here. Nice Makes roughly 10000 for a month. Thats nice how much equity you have.
Of course 500 per day in average of a quarter.
I close all trades with EUR as major because I think the voting on Gr bailout could be similar to cogress voting on TARP first no then yes ... they actually want banks to contribute....... what a nonsense. The industry is more clever than those silly politicians they invest in Greece industry that's the way to handle it.
sum. FED is tightening. If there is no out come from the sunday meeting in terms of expectation I don't think EUR/USD will cross 1.335 . I have been long EUR/USD trade closed and now am short and will close that too.
My assumption for Eur/USD drop till 1.2775 within 3-5 weeks is purely technical. I will refer to the weekly chart of the pair, and if u apply the fibonnaci retracement tool from the high of 1.5139 (November 2009) to the low of 1.2453 (March 2009) u will see that the pair broke the 70.7% retracement. This tells me that the next target is 88.6% (1.2770). Now for the time frame, when u count the weekly bars u will notice that the pair took 22 weeks droping from 1.5130 to the current price of 1.33xx. My own assumption is that it will take 1/4 of that time to print 1.2770.
Ofcourse this is all hypothesis and it can all go wrong:)
This is my chart.http://www.twitpic.com/1jezj7