Thursday, June 21, 2012

EURO / USD Thursday 21st June 2012 19:09hrs

EURO / USD

EU in in a down trend. The past few weeks has seen price pull back to 1.2750 the 50% Fibonacci of the last push down from a high of 1.3485 to a low of 1.2280.

Chart below.

 



Today there has been a return to USD strength and price has broken down through the averages and pivot points.
I am therefore looking to enter a short position on a pullback.

Chart and levels below.

Entry: 1.2640

Stop: 1.2675

Target: 1.2465 (5%)


These levels may change slightly as the pullback commences.

I will update again tomorrow morning.

Regards


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