EUR/USD 21 FEBRUARY 2012

EUR/USD – follow me on twitter @fxdailyforecast

We were waiting for a B to form yesterday, price fell, then rallied during the Asian session to take out the high formed during the day.

FOR TODAY:

We need a swing high to form before we can call a high on this timeframe. Until then we have no trade setups. We have a new A down at 3186, which will act as the support low.

SHORT: WILL ONLY BE GOING SHORT IF:

No short trade setups at present, we first need a swing low followed by a test of the high, we don’t have that at present. We don’t even have a B high yet.

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

LONG: WILL ONLY BE GOING LONG TODAY IF

No long trade setups, we need price down at the 618/786 and a bullish cs formation for a long trade setup.

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