EUR/USD…now what?

May 11, 2008 – 5:46 pm

In a shorter time frame, I see some price formation which will probably lure some traders shorting EUR/USD again. I am not into it this time. To me, for short term trading, I don’t see good risk/reward setup now. Well, again, that’s in Trader Gav’s definition.

Here is the…..CHART! The color dots are just to impress my readers. Showing off my programming skills. lol .. Nah. Basically, we are reaching a longer term support area. (Again, that’s my definition of long term). So, I hesitate to be on short side at the moment.

Here is the …Trend Score! We are in a very weak Downtrend. I am looking at a choppy consolidation phase soon. Let’s see how it works out.

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