Trade Idea: 2011-6-16 3:40
Forget looking for long setups on the euro… In times like these, I’m only looking to do one thing with it – sell, sell, sell!
Europe’s financial leaders just couldn’t come to an agreement on a second rescue package for Greece, and that was enough to spur a bout of risk aversion. To top it all off, Greek protesters have taken to the streets to oppose the government’s austerity measures. Geez, can’t we all just get along??
Anyway, I don’t think anyone sees the euro zone situation improving anytime soon, so I’m expecting the euro to continue sliding down the charts.
Taking a look at EUR/JPY, we see it’s already testing the 114.00 handle, where the WATR lies. Given the bearishness we’ve seen in the past few candlesticks, I wouldn’t be surprised to see this bad boy break support.
Now, I haven’t exactly set orders for this yet, but I’m staying alert for a clean break. All I need to see is some candlesticks close below this level and I’m ready to go!