The US dollar fell in European forex trading, after stronger-than-expected data from China and Germany gave forex traders some confidence and can-do, risk-on, “hope and change” kind of attitude. The EUR/USD forex pair reached 1.2807.
Later on, however, as US forex folks came in, we saw EUR/USD come down to 1.2710. At the time of writing it is sitting at 1.2716
When will it break under 1.26? After the two attempts in the last two days, it’s a matter of time now…

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After yesterday’s short squeeze which continued well into late Asian trading, the EUR/USD forex pair has eased back under 1.28. That is, of course, good news for my short position.

Definition of a Short Squeeze in the forex market:
A situation in which a lack of supply and an excess demand for a currency forces the rate upward.

Here’s the hourly chart of the Euro/Dollar forex pair as of now:

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Hello and Happy New Year everyone!

My EUR/USD short trade is going well so far…

Here’s the daily chart of the Euro/Usd forex pair as of now:

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The Euro edged 5 pips higher versus the US Dollar and most other rivals on the forex markets today! Amazingly thin markets… it must be the holiday season. Anyway, my view for the year 2012 is that the euro will continue its downward ride. I am willing to place a final target to this move: EUR/USD reaching parity (1.00). I’m also moving my stop to breakeven (1.3271). So, now I hope I can keep my short open for quite some time…

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