MoneyTec.com Traders Community Forum - View Single Post

Paul Koszarny · 26-03-2003, 05:14

EUR/USD failed to cross 1.0725 yesterday and disappointed all those who had opened longs above 1.0660. I suggested waiting for better levels to buy during the day. EUR/USD dipped to 1.0660 early New York. When the market realized Wall Street indices were having healthy gains, euro buying pressure fizzled and we returned to the area 1.0651 which does not bode well for the pair. At best we will probably have some short consolidation before resumption of down trend. The first warning signal is today's dip towards stops of some longs. EUR/USD touched 1.0625 this morning on the first model hour and is showing little upside pressure. Wednesday's resistance comes at 1.0668 and I favour shorts from there. Until then I am on standby.

26-03-2003, 05:14	#7 (permalink)
Paul Koszarny Super Moderator Join Date: Nov 2002 Posts: 322 Rep Power: 0	EUR/USD near stops of new longs EUR/USD failed to cross 1.0725 yesterday and disappointed all those who had opened longs above 1.0660. I suggested waiting for better levels to buy during the day. EUR/USD dipped to 1.0660 early New York. When the market realized Wall Street indices were having healthy gains, euro buying pressure fizzled and we returned to the area 1.0651 which does not bode well for the pair. At best we will probably have some short consolidation before resumption of down trend. The first warning signal is today's dip towards stops of some longs. EUR/USD touched 1.0625 this morning on the first model hour and is showing little upside pressure. Wednesday's resistance comes at 1.0668 and I favour shorts from there. Until then I am on standby.