Thursday, December 10, 2009

Trading the advanced retail sales for November.

Expected to come out at 0.6%, retail sales data will be released in the next 17 hours or so. Now, this is going to be a fundamental trade, with a little help from some technicals to find a good entry point. I'm going short the EUR/USD with a target of 1.4425 in the next hour or so. Given the fact that the USD index is strengthening, and the economy is slowly stabilizing I think it's good idea to make this trade.

eurusd121009

A wobbly chart shown above of the EUR/USD, trying to find direction. In the upcoming days that direction according to my analysis will be heading down.

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