FOREX New York Session Video July 13, 2007
U.S. retail sales news gave the EUR/USD the boost it needed to break the 1.38 psychological level and make a new all-time high, but the weekly R3 pivot point held its ground as resistance to limit the upside move. Better than expected consumer sentiment news, and the anticipation of some week-ending profit taking, then re-shaped our bias toward the downside. The crossing of the 5 ema and 8 sma was the final signal we needed to justify a short trade entry