EUR/USD 24 MAY 2012

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

Price fell and took out the yearly low giving us a new AB swing.

FOR TODAY:

We now have a new AB swing, with what seems to be another break to the downside – at time of writing. We will have to wait for a retracement  and a bearish cs formation for short entries – preferable to selling breaks of the B low.

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

SHORT: WILL ONLY BE GOING SHORT IF:

We need an established B low and a retracement back to the 618/786 fib areas for a sell entry.

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

LONG: WILL ONLY BE GOING LONG TODAY IF

Since we have a break of the B low, we will watch closely to see if it’s a sustained break. If we get a bullish cs formation from current levels it will still be considered a long entry. Wait and see.

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