Daily Observations: December 3, 2012
- Long EUR/CHF from 1.2018, Stop at 1.1990, Target 1 at 1.2500, Target 2 at 1.2750
- Long USD/JPY from 80.65 (1/2), Stop at 80.75 (daily close), Target 2 at 83.30
- Short EUR/USD from 1.3110, Stop at 1.3150, Target 1 at 1.3030, Target 2 at 1.2990
Time Frame: 1-day to 1-week
No new positions were taken today although I've taken to notice a potential short EUR/USD trade based on a number of factors. In the 1.3110/30 zone, there are former swing highs (9/14-18, 10/17-18) and the weekly R2, thus with the alignment of the 1H, 4H, and daily RSIs all starting to near overbought territory, there is a decent area above at which selling interest could return to the market. I expect to take this trade later today or on Tuesday.
--- Written by Christopher Vecchio, Currency Analyst
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