Oct 292008
 

Yesterday we looked for Euro to run higher to around 1.2940, and we have come a good distance already. Today we have the FOMC rate decision at 2.15pm NY Time. If you have a good broker, then leave sell orders at 1.2935 with a stop at 1.2950. (There is a minor resistance at 1.2960, and I would hate for us to be stopped at 1.2950 only to see it pop up to 1.2965 and come down fast, but we need to control our risk in this business). A safer trade will be to watch what happens at 1.2940 and sell if it fails. After all we are looking for 200 points on the way down! Alternately, if you see a fast paced move higher, wait for 1.3030 and sell somewhere there. See chart.  Good luck! Ramki

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