4-30-09
6:26a GMT – EUR/USD bulls kept charging yesterday, pushing the pair past strong resistance at 1.3300 all the way up to 1.3337. Technically this establishes a new higher high for the pair and switches me from selling to buying the pair. The pair is heavily overbought right now so I would prefer to let the pair cool off and buy on a dip. On a side note, yesterday was a good reminder to all day traders on why solid money management and tight stops in a volatile market are always important!
Trading Idea: looking to buy once overbought levels cool off, preferably on dips down to 1.3200 or 1.3165. Long targets at 1.3245, 1.3290 and 1.3330.
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