Close Open Orders: 2008-06-24 12:26
It looks like our entry orders missed the market by a few pips as the pair made a high of about 1.6238 before falling during the morning European trading session.
Trade Idea: 2008-06-23 20:24
On the chart, I have drawn a channel and it looks like the pair may now be reversing after hitting the top. Stochastics are indicating overbought conditions and may be turning over.
Fundamentally, we saw the Euro take a hit earlier as German Business data came in weaker than expected. This should hurt the Euro in the short-term, but it also adds to the confusion on whether or not inflation or slowing economic growth will be the focus of central banks in the short term.
So, I would like to short at the top of the channel if we see the market make another move higher.
Stay tuned for updates and good luck!