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Euro blasted through strong resistance

Discussion in 'General Forex Talk' started by adman, Oct 27, 2011.

  1. adman

    adman Private

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    Sive, can you offer advice? I shorted euro this morning (following last night's European summit deal) at 14120, the top of the big resistance zone (14050-14120) in your Oct. 27 Euro video. It's blasted through & is now 14167. Does that negate this resistance zone. From your past comments, since it blasted through so fast, will it likely to come back to this resistance? Is it a wash & rinse and will now retrace big like you believed it would? What would you do in this situation (buy or sell). Ignore my short, I'm out of it.
     
  2. Pharaoh

    Pharaoh Colonel

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    You might want to ask this in Sive's most recent analysis thread.

    Personally, I wouldn't place a huge amount of faith in any support/resistance levels for the Euro while they are still making major fundamental decisions. Greece may have staved off a crash for now, but there are more countries in line with similar issues.

    On the bright side, my carry trades on the AUDUSD are feeling a lot happier this morning. :D
     

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