The EuroFX futures have been in a downtrend for 2009. Is the trend for the Euro turning? I’m torn. The Euro closed above the resistance line drawn across the highs, hinting at an upturn. On the other hand, momentum is giving a clear sell signal for the next session (it’s at its highest level of the past eight days). MACD is no help down here. I tend to avoid trades at what Iperceive to be inflection point. You may mis the early stages of a trend, but I’m more confident when a trend gets going.
So what do you think-where does it go next?
Corey Rosenbloom at Afraid to Trade wrote a good article on the 3/10 oscillator, one of the staples Linda Raschke wrote about in Street Smarts. I prefer to use two period momentum for swing trading, and I plan to write a post on it, hopefully this weekend. If you want to read about the 3/10 oscillator, visit his post here.
Daily March EuroFX Futures Chart
