Thursday, March 24, 2011

Currencies

The Euro this morning got a nice boost, which allowed FXE to fill the gap, however, this still looks like a longer term reversal and provide an opportunity on a trade in either FXE (short) or UUP (long)

 The bounce in the EUR/USD hits resistance on this 5 min chart.

 Here's a level of intraday support for FXE, if I was short here or wanted to be, I'd enter the trade below the red trendline when support is broken.

UUP has back and filled the gap. If I was to add or initiate a long in UUP, I'd wait for that FXE support to be taken out.

No comments: