Friday, May 6, 2011

Dollar hitting a downtrend TL here!

Dollar with this pop is hitting the resistance here, if you are long take profit. With this move EUR/USD is now setting up for a nice bounce towards 1.50 area. I am staying long on /M6E

There is a possibility for dollar to break this TL and fill the open gap at 75.26. If not we should expect to head back down. Dollar weakness is not yet over. It has more room to drop then pop.

Cheers!!

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