EUR/USD 2 FEBRUARY 2012

EUR/USD

Price rallied to the 86 yesterday and found resistance at 3200.

FOR TODAY:

We will look for a fall today, maybe after a test of yesterday’s highs again - we'll see. 

The uptrend will resume on violation of 3232, below that our sentiment remains short.

SHORT: Will be going short only IF:

Price already hit the 86 yesterday followed by a bearish cs formation. Today will be a DA86 trading day where we will be looking for continuation of the fall, we will sell a bearish cs formation -  Stop 14 pips above the cs formation, max 1.5% risk. Limits for this entry will be at the BF786.

If we don’t get the setup we are looking for then we don’t trade.

LONG: Will be going long today only IF:

We can only trade long on a BF786; which is way down at 3066. 

Else bullish trend setups will resume on a break of the 3232 high, which will open the upside again.

If we don’t get the setup we are looking for then we don’t trade.