IF this support holds here for EURUSD - we should see quite a lot more upside on SPX in general. As mentioned many times when shorting EURUSD in the past, it just does not feel its time to be an all out dollar bull. So I am taking my stance here that the low for EURUSD is quite possibly in for the next 4-6 weeks. Does not necessarily mean SPX low is in here but carry traders could use this as an excuse to induce a rally.
Thursday, February 4, 2010
Will try to post update tonight
Actually just took a small long position. Been out of the market for a while now due to work but been checking charts and volume at night. This area here looks very well protected and more importantly EURUSD hit a KEY support point that should provide quite a large amount of support.
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added another chunk long here at the close. Overall still small position. Do not want to get caught chasing the wrong side of the trend here. Main reason for longs is EURUSD. If it can stay above todays lows (maybe a marginal new low) I think we have more upside. If not, get ready for 1016 just around the corner.
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