EUR/USD 16 APRIL 2012

EUR/USD – follow me on twitter @fxdailyforecast and stocktwits.com/fxg

No trade setup on Euro on Friday. Price fell and took out the A low overnight thus resuming the downtrend.

FOR TODAY:

We now have to wait for a B swing low to form, until then we have no trade setup.

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

SHORT: WILL ONLY BE GOING SHORT IF:

No trade set-up until we have a B swing low in place, then a retracement to the 618/786 for a short entry.

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 in this session.

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