Trade Closed: 2008-04-09 11:11
Total: -125 pips
We are seeing resistance in this pair at 1.0200 at the moment. This level also happens to be th e 61% Fib retracement level of the downward swing from 1.0325 to 1.0020.
So, we took a small hit, but we will continue to watch the pair and look for new opportunities.
Trade Idea: 2008-04-07 10:40
On the chart, we saw the strong move lower as the US Dollar weakened after the disappointing US jobs data. The pair broke below a minor resistance area highlighted on the chart, and has since been unable to stay above, even after this morning’s disappointing Building Permits data out of Canada.
Short at market (1.0095), stop at 1.0220, pt1 at 1.0000, pt2 at .9800
Stay tuned for updates and good luck!