timwest

EURO EURUSD double-top sets up a retracement

Short
FX:EURUSD   Euro / U.S. Dollar
1513 views
See the comments on the chart.

Regards,

Technical Tim
10:37AM EST Tuesday, Oct 23, 2012
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Comments

Great analysis
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Wow!!! Congratulations on a wonderful trade and analysis.
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Nice call!
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timwest admin
Thanks admin :-)
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timwest admin
It must be getting close to a bullseye - even though I closed it prior to target. The proportion of risk to profit was excellent.
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Some say the dollar will become stronger after the elections no matter who becomes the U.S.President
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timwest exploration
I will keep watching the fundamentals evolve and watch market action and when a trade sets up with low risk, I'll do my best to highlight it for everyone. Last night there were some early bulls on the EURUSD who took it up to 1.2870 immediately following the declaration of Obama's victory. That provided an EXCELLENT re-entry into this trade for me since I had covered the short under 1.28 the day before, ahead of the election. I am not a long term EURUSD bull, but rather I see both currencies slowly sinking against all other currencies as we slowly debase our currency due to our poor financial condition here in the US. Europe has equally poor, if not a bit worse, fundamental structure of their economy. Too much Government and not enough enterprise to support the current value of their currency. I view the Swiss Franc and Canadian Dollar as a far better place to be with cash holdings. I'm less optimistic about the AUDUSD due to their less than stellar finances also. Feel free to quote the "some" that you refer to and their reasonings for the dollar strength that "they" forecast. Thanks.
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still looks good. congrats.
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Thanks Lena_W3 :-)
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EURUSD is "in" the target zone box I labeled. I am exiting my shorts.
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