Euro update

The short term FXE/Euro charts look sloppy today, but there's still a decent positive divergence suggesting the Euro is not ready to give up $1.30 just yet.

 The 1 min chart with a negative divergence and an overall sloppy trend

 The 2 min chart going negative at the highs today and sending it lower.

 The 5 min is in line which is an improvement.

 Close up the 15 min seems to be in line too, but zoom out a bit and this is what appears to be the Euro still getting prepped for a bounce.

Note the leading positive condition here, this should still send the Euro higher, so we may very well get our chance. I've had a lot of emails asking if w should add to shorts today, my gut feel is that we need to be  a little more patient and wait for this 15 min chart's implications to resolve. I'd rather add on a break then add here and then have a pop in the market that puts your positions underwater, even if the longer term trend suggests you are right to add to the shorts, why suffer through draw-down?

Corzine may have been right on his bets at MF Global, it remains to be seen although I doubt it, but he didn't have the staying power to deal with the drawdown, so even if he was right, his timing ended up costing him the company. This is why I advocate some patience, you can be right on direction and still get hammered if the entry isn't timely.