11-10-08
*Quick note before today’s signal – I’ve updated the forex discussion group so that you no longer have to register to post or reply to someone elses post. I still hope you do register and there are advantages to registering, but FYI.
4:04a GMT – the EUR/USD continues to make lower highs within the consolidation triangle in an overall downward trend so my outlook is bearish. Look for news about the AIG bailout on Monday to further upset markets and cause low liquidity as major players pull out. Rumors have it that the US might further reduce the lending rate in its continued effort to drive liquidity in the credit markets which would be bad for the dollar.
Trading Idea: prefer to sell rallies between the top yellow line and the red resistance line at 1.2930. Shorts favored with targets back down to the bottom of the wedge at 1.2700 and eventually back down to 1.2500.
(click to enlarge)
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