FXE EuroCurrency - COVER SHORTS here at gap support on news

9 Kas 2011

I think this is a good time to cover short positions established the Friday before when the news was EUPHORIC AND when the market was right up into significant overhead resistance. Now we are down on news of Italy and exaggerated (perhaps) fears and the market is down to a key level of support where we saw UPSIDE GAPS and UPSIDE REVERSALS a few weeks ago. Plus, we are in the middle of the last two months trading range, meaning risk is about equal to reward. This is as good a time as ever to cover. Sell on hope, buy on fear. 11:00AM EST