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Euro Short Taken at 1.4025

Euro Short Taken at 1.4025

2011-03-07 11:33:00
Joel Kruger, Technical Strategist
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The latest surge towards and through key range resistance by 1.3975-1.4000 looks to be a little too aggressive and overdone in our opinion and from here we would not expect to see sustainable gains above 1.4000. While we would not rule out the potential for an eventual retest and assault on the November 2010 highs at 1.4280, the risks from here are for a shorter-term bearish reversal back towards the 1.3600-1.3800 area. Look for confirmation on a close back below 1.4000 on Monday with acceleration expected on a break below 1.3940. Inability to close back below 1.4000 will however force reevaluation. POSITION: SHORT @1.4025 FOR AN OPEN OBJECTIVE; STOP 1.4175.

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