Profit Mongers – Friday Trading Signal 06-18-2010

Posted on 18. Jun, 2010 by Sir Pipsalot in Forex Signals, How To, Random Noise

Hey folks,

EUR/USD managed to hold on despite looking a bit iffy yesterday and worked to new highs now up over 1.2400. With the rally maturing, I’d consider a short around 1.2450 that will be a solid short term trade, but could work on longer timeframes depending on the setup. Friday could be setting up to be a retracement high day on both EUR/USD and Stocks.

The stock rally seems to be maturing, but a final thrust up is still quite likely. I’d short S&P futures between 1125-1135 with a 25-50 point SL. Hopefully we’ll see enough of a rally Friday to fill limit orders there and set up for a potential selloff next week.

In news Thursday, we saw UK Retail Sales come out only a bit higher than expected, but the exaggerated market focus on UK news lately kept the GBP/USD in rally mode for most of the session thereafter. Back and forth rumors and counter-rumors about Spain and Portugal has provided EUR/USD with enough focused price action to keep the rally going. US CPI came out as expected. Unfortunately, there’s no key news scheduled for Friday, so we’ll have to focus a bit more on positioning for the coming retracement high here on several pairs and markets and see if that outlook pans out into next week. Good luck!

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Tags: Daily forex outlook, Profit Mongers, ProfitMongers, Sir Pipsalot, Trading Forex