DislikedI'm definitely with Soros's idea that Euro is flawed- they have been saying that since 08 - but I'm looking technical
it is forming a pattern that has characteristics of a reversal pattern to my expeience
here is my observation:
I called a pattern failure
look at the chart its now emerging as triangle- this type of traignle should be a continuation pattern according to textbooks
right?
to me it's not- it will be a failure- why? because everybody keep pushing it lower- it's over crowded , the bearish sentiment is over extreme- ans it's not moving...Ignored
The last set of IMM data (up until 16th Feb) showed
the market has added further to its short EUR and
GBP positions. Both GBP/USD and EUR/USD
positioning currently lie close to, or at the zero
percentile bound. Although there is talk now that the
market’s short euro position may be overcrowded, it
is worth bearing in mind that in May 2007, net long
contracts for EUR/USD were twice the amount that
are currently net short. This suggests there is still some
way lower to go before a major short squeeze higher.
GBP/USD positioning shows similar characteristics and
as such, we remain comfortable with our strategy of
selling into any EUR/USD and GBP/USD strength."
Nothing worth having is easy.