11-11-08
4:06a GMT – The EUR/USD refuses to break out of its triangular consolidation pattern, having bounced off of 1.2930 resistance and now appears to be bouncing off the bottom of the pattern above 1.2700. In the short term I expect this to return to the top of the wedge around 1.2900 and then fall back down.
Trading Idea: Short term look for long positions back up to the top of the wedge around 1.2900. At 1.2900 look for bearish reversal signals with shorts favored to the bottom of the wedge at 1.2700 and eventually a return to 1.2500.
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Well, it did.