Tuesday, June 23, 2009

Big guys dumping dollars, for whatever reason we don't know (yet)

Anyone that logged into their trading station today having a short on the EUR/USD pair probably got a minor heart attack. The Euro skit up to almost 1.41 (!) For some reason (unclear at the moment) a huge selling has begun of the USD.

This shows you on how unpredictable forex trading can be. Not long ago, all indicators switch to shorting this pair and look what would have happened if you did. Keep a close eye on this pair, you may find a good short entry point. At the moment stay away from any transaction, until we know what's going on. So far Bloomberg and CNBC are quite. I'll update later today as soon as we find out more.

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