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Dog Days of Summer be Gone. Euro Messy, Pound May Be in a Short

Sameer Kapoor 1 September 2011

The last weeks trading have not been the best. I welcome Labor Day and the seasonal change in trading.

Euro: On the daily, the euro is in a very messy consolidation. Not the easiest or the most fun to trade. Can't decide if the euro is in an upward trending chart or in a messy range. The 50% long is at 1.4303, with the target at 1.4666.

Pound: On the daily, the pound is in a short, but it can't be recognized as a short until the long is broken. The line in the sand is at 1.61065, which coincides with the short target from the 50% at 1.64114. If the pound bounces from the long again, the the pound may be in a range.

Yen: Still hugging all time lows. Yawn. In a range between the short at 77.674 and previous lows at 76.3.