EUR/USD 6 AUGUST 2012

PLEASE SEE MESSAGE AT THE TOP OF TODAY'S BLOG AND THE POLL ABOVE.

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

Price reversed twice since our last session on Thursday. We now have a new AB bullish swing.

FOR TODAY:

We will wait for a retracement down to the 618/786 of this swing followed by a bullish cs formation for a long trade setup.

A sustained break of 2442 negates this view and continues the uptrend.

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

SHORT: WILL ONLY BE GOING SHORT IF:

No short trade setups during the retracement, the trend is up.

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

LONG: WILL ONLY BE GOING LONG TODAY IF

We will wait for a retracement down to the 618/786 followed by bullish cs formations for a long trade setup.

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