LOOKING TO SELL RETEST OF 1.3740 TREND HIGHS
Eur/Usd: We have been writing of the likelihood that the recent 1.3740 trend highs will be taken out before considering any real chance at the next major USD bull run. Today, currencies are much better bid in light of the improved sentiment and as such we have seen a push to fresh 2009 highs in Cable and Aussie. At this point, the Euro also looks primed for an assault on 1.3740 and we will look to sell on a rally towards this levels today in anticipation of a reversal after the level is taken out. Strategy: SELL @1.3740 FOR A 1.3440 OBJECTIVE, STOP @1.3890. Stops to be trailed to cost on a break back below 1.3690. If trade triggers and 1.3690 not broken, position to be closed out at NY close (5pm NY time) on Tuesday. Recommendation to be removed if not triggered by NY close on Tuesday.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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