Sunday, August 31, 2008

What a week ...

The market has been very "wild" lately. EUR looked to be bottoming out, but it plunged lower instead ... killing traders who longed the EUR. Similarly for the GBPUSD. This plunge was likely due to better than expected fundamental news for the USD.

I guess I was luck that I did not manage to enter any trade to long the EUR.

For the coming week, would be looking for opportunity to long the EUR if the support @ 1.4570 holds. Going below 1.4570, we could see the EUR test 1.4450 regions.

For JPY, if support @ 108.12 is broken, we could see JPY going down to 105.50 regions. Then we could see the EUR start to move up.

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