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Published on Nov 12, 2009
Happy Friday the 13th everyone. The euro came off pretty strongly overnight as another attempt past 1.5020 failed. We have now backtracked to the 61.8% retracement level and a break below 1.4800, specifically a close below 1.4800 will lead us to believe the dollar may start a rally. Its also plausible to believe that we may see a range until we firmly close below the 1.4680 level, a clear level of support for the Euro. These are interesting times and our bias remains to short the dollar; however, failure to breach 1.5050 several times has us concerned about the strength of the euro. We may be seeing a shift in sentiment. Were looking to see if higher lows continue to form, confirming our bias.
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