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Forex: Why I am not Trading the EUR/USD Break Above 1.2825

Forex: Why I am not Trading the EUR/USD Break Above 1.2825

John Kicklighter, Chief Strategist

Under different circumstances, a EURUSD break above 1.2825 would have represented a perfect short-term trade setup. Had the technical breakout come on news of a definitive resolution of Greece's funding troubles, it would have offered the necessary mix of technical catalyst and fundamental follow through to run for a few hundred pips. However, our actual conditions reflect a move higher due to a drop in speculative participation. We discuss the drop in activity heading into the US holiday period and what it means for trading for the rest of the week (as well as into 2013). Furthermore, we discuss the trading approach and setups that are best suited for the market conditions we have ahead.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.