Tuesday, May 24, 2011

EUR/USD End Of Day Charts 5/24

The euro had a slight up day today after a couple swift down days previous. The daily chart looks like it might even be finding a base (@ 1.4) but looking at the hourly, you can see the multiple attempts to crack the 38.2% retrace (@1.4114) of the previous days down move. With this being said I really think we see a down move tomorrow that cracks the 1.4 level, and how we finish up tomorrow might determine if it will be a quick pop back over or a more permanent step in the trend. Shorting it here feels like a good move, taking some off at 1.4 just because and tightening a stop and hoping for the worst (or the best in my case) for this pair.

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