EURUSD If you’re long EUR, here’s your concern!
If I were holding long term EUR buy positions I would be concerned about this week’s close and price action. Current price is less than 20 points from the weekly open, a close below 1.4180 puts price back below the 50% retracement line of the fall from all time highs last year to 1.2326. A close below 1.4169 creates a negative close for the week. Support comes in at line A. A close below line C put Line B in focus toward the end of the year. With the USD and JPY strength seen today, everything is back in play and a guaranteed USD smack down is back in question.
It’s been a great week! This morning’s concern over future growth of the economy, the “overdone” mindset that may be creeping into the stock market, coupled with worse than expected consumer confidence, have filled an additional three sets of trades. 319.5 points profit has closed out so far today. (Current profits are not indicative of future results) In addition, the first set of EURJPY trades I entered is oscillation between positive and negative money.
For a total this week we are 1516.11 up. Here is a screen shot of the account for this week. (Past Results are not indicative of future results)
I posted all these earlier in the week as they closed, so if you would like to review the trades and see what I was doing, the posts are there. If you would like to learn to trade the way I do, get intouch with Jake, and start by getting a demo acocunt of the ForeXecutor. Until then, have a great weekend! I think I’ll take the afternoon off!
