EUR/USD 9 FEBRUARY 2012

EUR/USD

Price went nowhere during yesterday’s session, and then rallied during the Asian session taking out the B high.

FOR TODAY:

We now need a new B high to have a new AB swing, with the A being down at 3214. We will only look to buy at the 618/786, or sell a BF786, both of which will have to wait for a B to form first. We will have a reversal on this timeframe if we break the support A at 3214.

SHORT: WILL ONLY BE GOING SHORT IF:

We first need a B to form, until then we cannot look for any BF trade setups. I will tweet (@fxdailyforecast) if a setup develops.

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

We first need a B to form before we can draw fibs and ascertain where the 618/786 is. Until then no trade setups. I will tweet (@fxdailyforecast) if a setup develops.

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