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Mid-Week Forex Forecast For Wednesday 12-5-12
Is Long Gold / Short Euro Unwinding? The Euro is never boring. While it is not a natural leader -- because it has no carry, and the region is such an economic "slow spot" compared to the West and East -- it is the world's most widely traded financial instrument. Because it is so heavily traded it can appear to be a leading indicator market, which it is not. It is however, a great trading vehicle, as buyers this week can attest to. In our book we teach that long-term structure, or patterns are only relevant when price is in close proximity to them. We bring this up now because the Euro just got within 50 pips or so ... (full story)
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