Monday, December 14, 2009


I went long USD in my account, when Euro broke below 1.48 after testing 1.51xx.

Will stay there until Euro comes back above I think. Euro should test the 1.38-39 level on this retracement in the long run, which is the 50% retracement level of the 1.2475 to 1.5150 move


and the 38% level of the move down from 1.60 to 1.2475


Any bounce upward above the 1.4450 level has the potential of forming a double top with a retest of the 1.5150 level on the weekly chart. Only a break and weekly close above former support at 1.5275 would negate that.


Long-term targets on the Euro see it trading above the 1.80 level, but that might take more than a few months….