I still see a major down move materializing in the $Index. Just hard to say what the timing is. I am still long from above and in the hole a little. I will cover if price solidly clears 2059 to the downside. I think we are headed back up to test the 2330 highs. I think we will break thru to the topside. Personally, when I step back and think about what has caused the retreat recently (Trichet's mouth). It just doesn't add up. No one man is going to move the market in a totally different direction. It is just plain old human emotion. Then comes realization. Plus there was a full moon at the end of last week. Go ahead laugh, but plot the moons on the Euro over the last several months.
I longed it today, hoping it can break the highest point of this year. I think it is still in its up trend.
IMO... I think Now it's short at 1.2214... Down to 1.2110 up again to 1.2240 Down again to 1.2140...then finish at 1.2294... Back to 1.1978 GL
It's the WSJ article quoting the Chinese official saying that China should stop buying US treasuries. I always love these articles. I mean, the WSJ often quotes Chinese "officials" like this, only to have them come out later on and deny these rumors. Why would the Chinese want to telegraph this kind of move and have all of their US denominated assets becomes worth less? Blows my mind.
Thanks, but it might have been a bit premature. But as I stated late last week, positive dollar news wasnt translating to a higher dollar. Looks like a possible head and shoulders on the dollar index chart.
Will long again if a retracement occurs to the 1.2240 level (for better risk/reward). Target 1.2415 - should hit this week.