Profit Mongers – Monday Trading Signal 06-21-2010

Posted on 21. Jun, 2010 by Sir Pipsalot in Forex Signals, How To, Random Noise

Hey folks,

The EUR/USD gapped up early Sunday hitting my 1.2450 target area, then selling off. If anyone put their TP or a sell order around 1.2450, it looks like it was an ideal placing. It sold off about 80 points from there, so hopefully if you got short you took some profits. There may be a retest of 1.2450 that could provide a double top to this EUR/USD rally, but each successive test of 1.2450 makes it less and less likely that test will hold, so take successive short signals in that area with caution. The fluid news out of China regarding potential CNY appretiation could weaken USD more than anticipated. If 1.2455 goes, 1.2672 is the next potential resistance, while a turnaround south here should see a dip down to the 1.2100-1.2150 region which looks to be a decent support zone.

Stocks have managed to gap up a bit as well reaching as high as 1127.50 on futures. Keep in mind I am looking to short here between 1125-1135 with a 25-50 point stop as I was for most of last week.

There’s no key news to start off the week Monday, but Tuesday will see CAD Core CPI, and US Existing Home sales, so I’ll preview those in tomorrow’s signal. Until then, good luck trading out there.

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