Dealer intermediaries have been long the EURO since reaching a 3 year Bearish extreme @ -272,000 contracts. Currently price is in a range and the long term uptrend strength is showing considerable signs of weakness. Of course, the trend doesn't change until the trend changes, so taking speculative shorts in a prevailing uptrend is risky business. With that said, I am in short @ 1.23659 but because my TrendDepth algo is still under development I don't yet have a concrete target set, so I've placed a tentative target at a 1:1.5 R&R ratio. Price will need to make a definitive break below the range in order for me to place my first target.
On tap for today is the Euro Zone Consumer Confidence. I'll be watching how the market reacts to determine whether or not to close out the current short and just take my current profits.
On tap for today is the Euro Zone Consumer Confidence. I'll be watching how the market reacts to determine whether or not to close out the current short and just take my current profits.
