It’s Ok To Admit You Are Lost – Sell EUR/USD
Lets not freeze on our tracks right now.
I admit I am in the midst of writing 3 separate pieces on the following.
- Long term allocation money to beat the massive global currencies devaluation
- Why I pick Gold over Oil in the medium term, and
- How BRICs will save EM
But lets not miss the chance to make some money this week for the short term.
We are right on the 50 day moving average today and right on the fringe of the Ichimoku cloud. But we should not be killing brain cells on Monday even thinking about charts.
The facts :
1 ECB balance sheet is approaching 3 trillion
2 QE3 is not imminent
3 Greek and French elections coming up
4 Islamic Jihad fired 14 or 18 rockets into Israeli cities over the weekend
It is hard to find reason to cheer just yet.
Table below shows the USD vs rest of world after QE2 Jun 2010 – Jun 2011
Table below shows the EUR vs rest of the world since last week.
I will not be greedy but 1.2850, I will take some off.