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The story was the EUR today and that’s what drove the USD lower. I don’t believe that any optimism about Greece and a move from a 0.0% to 0.3% CPI is enough to lift the Eurozone and while this triggered an epic short squeeze, don’t jump on the EUR bandwagon just yet.

It’s really no different than when I warned not to sell or trust the USD move.

However there is the trader in me that is looking for ways to sell the EUR into this move since I see it unsustainable. The only way I would sell EUR would be against a stronger currency. We talked specifically about EUR/GBP weekly downtrend and the EUR/AUD distribution fade on the daily. On the other side of the EUR move today is the USD which could look like an interesting buy against the NZD/USD and USD/JPY. (The NZD had another disappointing dairy auction today, breaking the 700 support level on the price index.)

These are simply opportunistic observations after a move that could set up aggressive entries.

The AUD/JPY was the real winner for us today. I walk you through the details of that set up in this video.

Questions? Comments. Leave them here at the blog!

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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.