Good trading to all! Don't know how helpful this might be, but I''ll post this chart anyway. It's a 150 pip range chart covering almost 3 years.
If you are short in eur/usd don't take the profit now, unless you don't want to be in a position for a long time. Even though you probably won't see the euro weaken in a week or two compared to the price right now, I think it will end the year in a price range about 1.20
And within three years either the euro won't exist in the same way as now, or if it does it could be as low as 1:1 against USD. Countries like Greece, Spain and Portugal will pull the euro down and the other countries in the euro-area as well as IMF won't be able to stop it.
Fuck, you as well? By all logic and chart patterns and freaking bailouts that should've gone down, I blew out my account, so now I guess I'm just going to have to quit trading because frankly I can't be bothered scrounging up the money to trade again.
The USD/CHF was a disturbing trade for many shorts yesterday, Hopefully you realized that the market was going to continue rising before doing any real damage to their account....this morning I see the EUR/USD long due to the unrelenting selling yesterday.
FWIW, USD/CHF moves inverse to EUR/USD almost tick for tick most of the time. If nothing else, the EUR falling like a brick should've kept folks long or out of CHF imo. Lack of meaningful bounce on EUR/USD at this morning's lows = don't look for bounce yet. 1.2700 is a good bounce area IMTO.
@LeeD I'm pretty confident. There's a reason why I haven't closed my short position in eur/usd. As I've mentioned especially Greece, Spain and Portugal are in huge problems. Greece has been given a huge loan, but there are a lot of requirements they need to meet, and already now there is a small sign of chaos in the country. The same situation will happen in the other countries who are in great need of big loans. All this will pull the euro down while the american economy will look better and better compared to the european and therefore we could see the euro be worth about 1.20 dollars at the end of the year.
CClement, if 1.20 is year-end target than I totally buy your argument. I originally assumed you expected this move in the next 2-3 weeks.