02 November 2010

EUR/USD : Daily Triangle Breakout

  • Made reference to USDX daily triangle yesterday. The equivalent triangle in EUR/USD is being broken now.
  • Buy stop-in at 1.4004 triggered. Long now.
  • As always, mindful that 57.6% USDX = EUR. Same position as the short USDX taken this morning really.
  • As a technical trader, one should be indifferent to the plethora of upcoming event risks and just follow the chart.
  • Daily triangle upside objective is appx 1.4425.

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