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Robin Wieland
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A quick word about me, so you know a little something on the man who runs this blog. My name is Robin, I am 43 years old and I have been a professional trader for the last 22 years. During this three decade-wide experience, I have been trading mostly for major International Banks (BNPParibas,... More
  • Euro/Usd Short Term cycle 0 comments
    Jul 3, 2009 10:15 AM

    With the excuse of Thursday's bad economic numbers, the market found a good excuse to send the Euro lower against the Dollar in a corrective manner, along with the stock markets which for the last few months have also been maintaining a strong correlation with Dollar moves. Technically speaking however, the short term uptrend is not just yet violated and the currency pair is still gradually and painfully building upside momentum. It is still quite probable that we may be seeing 1.4500+ over the coming days/weeks. The remainder of this Friday's session should prove uneventful and expect interest to pick up again on Monday morning.

    Strategy: This correction therefore, has brought the pair into an excellent from a risk/reward point of view area and I am a buyer between 1.3990-1.4010, just above the latest support zone. I maintain my initial hard stop at 1.3910 offered and if all goes well, I have 1.4200 as the target area for taking a first profit on a 1/3 size of my open position. 

    Good luck!

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