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Jay Norris
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Jay Norris is a 20-year CBOT floor veteran, author of the Best Seller "The Secret to Trading Forex, Futures, and ETFs: Risk Tolerance Threshold Theory", "Mastering the Currency Market", McGraw-Hill, 2009, and "Mastering Trade Selection and Management", McGraw-Hill,... More
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Trading University
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Seeking Alpha
My book:
The Secret to Trading Forex, Futures, and ETF's: Risk Tolerance Threshold
  • Euro Plunge Over U.S. Holiday? 0 comments
    Jul 2, 2013 1:46 PM | about stocks: FXE

    We show the majority of patterns down for EURUSD already, see Figure 1, which is bearish enough, but a close below 1.2975 will really open the door to further downside.

    Figure 1.

    With the current global economy stuck in low gear, and commodities having shifted from a bull to a bear, we see the most sensible macro play being long U.S. Dollars and that by default will mean a lower Euro. From a shorter-term perspective a close below 1.2975 for EURUSD will likely lead to a quick test of the 1.2600 level. Knowing currency market's penchants for big moves over U.S. holiday's we feel traders need to be on alert this week for a Euro plunge.

    Jay Norris is the best selling author of The Secret to Trading: Risk Tolerance Threshold Theory.

    Trading involves risk of loss and is not suitable for all investors!

    Disclosure: I am short FXE.

    Stocks: FXE
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