Trading Signals for EUR/USD on Thursday, Aug 8 2013

Yesterday, I had a little doubt that the EUR/USD pair might extend its gains and cross the 1.3351 levels.

Today it seems that those fears of mine got true. The market not only reached those levels, in fact it surpassed it and reached till 1.3368 levels creating that as the highest of the day till now.

It seems that the market is no mood to come down. Since yesterday there have not been major announcements which could create a devastating effect to the market, but still the market went high yesterday as well as the day till today.

Though there have been few important news and announcements in the meanwhile, all have been pro Euro and therefore the market did go North because of that.

But I cannot stop from believing that it has to come down in a big way. I know it has not been in this week. But it is about to happen in a day or two. Today is Thursday, so if not today definitely tomorrow; and even if not in this week, then definitely definitely in the upcoming week.

I am more of a long term trader, hence I am so hell bent on the pair going down South.
I have attached the proof for my point of view at the end of this post. Do check it out; it is the candle chart of the weekly time frame. A mere look at it will prove what I believe in.

Now a little update on my open trades as below:

3 Sell Trades at 1.3201
1 at 1.3251
1 at 1.3301
1 at 1.3351; yes, I could not resist the urge to not sell anything at this price point.

There is one announcement related to employment figures of U.S.A at 12:30 pm GMT.
This particular piece of information could turn out to be the game changer.

Since the figure is related to unemployment data, hence if it is a huge number as compared to what is expected, then the greenback would drop, and will zoom if not.

I am just eagerly waiting for the figure to come out, will update the outcome tomorrow.

If I had little more money in my account, then I would have sold another one at 1.3401; though that seems very unlikely in the current scenario.

Till then enjoy and take care.

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