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EUR - Hitting the Bid
By Eliseo Agas | August 6, 2007
EURUSD is stalling near it’s Daily highs and I have this rule of thumb…if I’m solidly in the money and weakness develops at resistance on the Daily then I get out. This is exactly what happened today so I hit the bid and called it a day for my EURUSD trade.
There is definitely potential for this to go higher but I’d rather see buying resume on the Daily and 4-hr charts before getting back into it. The probability of success though is reduced because of how close overhead resistance is right now (roughly 1.3820 area). But if we get a decent pullback giving us a bit more running room towards resistance we might be fortunate enough to catch a break beyond…at worst, we get out at roughly resistance or a relatively small loss.
For now, I’m sitting back and watching.
Tags: dollar, forex, forex news, forex trading
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