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BUY EUR/USD @1.2260

BUY EUR/USD @1.2260

2010-05-20 11:14:00
Joel Kruger, Technical Strategist
Share:
It looks as though we are beginning to see the formation of a short-term base, and although trade remains extremely choppy, we now expect Wednesday’s 1.2145, 2010 and multi-year low to hold for a little while, in favor of a more significant corrective upside extension. Monday’s bullish hammer offered a false signal, with the markets reversing course sharply to new lows on Tuesday and Wednesday. But any downside follow through has proved fleeting, with the market quickly bouncing and suggesting that it indeed wants to go higher before considering the next major downside move. It is not uncommon to see such an obvious bullish reversal signal like the one we had seen on Monday, be negated, simply because it so obvious, before the market finally decides to actually follow through in the direction of the initial signal. As such, we like the idea of taking advantage of dips on Thursday back towards the 61.8 fib retracement off of the recent moves in anticipation of said correction. STRATEGY: BUY @1.2260 FOR AN OPEN OBJECTIVE; STOP 1.2135. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON THURSDAY.

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