Monday, October 18, 2010

Have to call this one a close below 1.3960 so ...

I am staying short Euros. Such a shame to have been short from the level I am ... as I really wanted to sell in front of 1.4000. I have a take profit in at 1.3785 and believe that it is likely that EURUSD is carving out a major top. Initially I think it takes the form of a head and shoulders with a neckline at 1.3770 and will probably last until the elections with the right shoulder forming in the lead up as the Euro loves symmetric formations. I will be going long at 1.3770 if we see it.

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