I wouldn't be going long just yet. The carpet has been pulled from underneath the euro and there is some further downside. According to my interpretation, the trend is now down and the high probability trade is selling at the resistance level. I try to avoid trading against the trend.
http://img710.imageshack.us/img710/7608/euror.th.gif
The US dollar index is playing around with the 200 SMA. If we close above that then I'd say with 90% probability that we have a new uptrend for the dollar. At least for the time being. Robert Prechter will surely open a bottle of champagne as he can claim victory in front of all the people that he has sold his BS research to. But in the long run, the dollar should still go down. Don't be your money on it for today, though.
http://img638.imageshack.us/img638/9594/usdx.th.gif
http://img710.imageshack.us/img710/7608/euror.th.gif
The US dollar index is playing around with the 200 SMA. If we close above that then I'd say with 90% probability that we have a new uptrend for the dollar. At least for the time being. Robert Prechter will surely open a bottle of champagne as he can claim victory in front of all the people that he has sold his BS research to. But in the long run, the dollar should still go down. Don't be your money on it for today, though.
http://img638.imageshack.us/img638/9594/usdx.th.gif
If you don't risk, you don't ever have to lose.