The Euro is back under major resistance...was this a fake break out? We are watching closely and looking for opportunities to the short side. if the bulls rally and take out the most recent highs then the squeeze will be on and Euro bears will be jumping off the ship. We want to see a test of the major resistance and sellers to step in. NO TRIGGER, NO TRADE!
looks like it boucned down from 1 year mean (264 days) and now failing the breakout overall... (failed below 1st st deviation from quarterly (66-day mean)) - just dropping my 5 cents - I agree that the breakout was a fake - but it was a HUGE fake!!!=)
OffTheFloorTrader
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Thanks Killy Mel...we are not very familiar with your indicator but it looks like a reversion to the mean. Currently trading down this morning to 1.123 area...fake is definitely confirmed.
Killy_Mel
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exactly - it is a mean revertion... indicator is bollinger bands=)