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EUR
By Laetitia Vaval | November 7, 2007
The Euro has once again broken record high level and peaked above 1.47 last night. The question is now (well actually it’s the same question we’ve been asking ourselves for quite a while now) : how much higher can it go ? As I wrote in some of my previous blogs, got scarred out of all my (long) EURUSD positions and just thinking about how much money I would have made if only I hadn’t been sitting in front of my computer and checking the ticker every 2 minutes makes me pretty upset !!! Anyways, the Euro is now trading at about 1.4650 and there is increasing talk that it will reach the 1.50 level. An important element that will determine whether it is true or not is ECB’s Trichet speech tomorrow. All eyes will be turned to him as traders will try to detect the slightest to the possibility of an ECB rate hike in December. If indeed, Jean Claude Trichet mentions that inflation indeed remain sthe ECB’s priority and doesn’t talk about the risks that a too strong Euro could cause to the European economy, the probability of a December rate hike will strongly increase and probably send the EurUsd to new record levels.
As a trader I am now trying to decide whether I should enter a position, once again — and this time hold it long enough to reap some profits. I’ve been watching most of the action, get in, get out as soon as it trades against and have been unable to profit the overall, long-term uptrend! I put in a entry order to buy at 1.4620, as I am seeking a reasonably good entry point, before Trichet’s speech tomorrow.
noneTopics: Wall Street Warrior |