#EURUSD Outlook 08/07/2011

The EURO doesn't seem to be a very interesting pair to trade tomorrow as it has completed its average weekly range already. A very limited option would be to take an intraday short on the pullback if price action permits (downtrend tomorrow as well). However, it wouldn't be too attractive, at least to me.

Better odds is that we should see some 'range' trading tomorrow.

A break below this months low (week as well) seem too distant as to enable us to place reasonable intraday stops. Therefore, I'll check back on this pair next week.

Here is the hourly chart for it.

A break above the turquoise line would mean a counter trend trade. Not suitable for this particular strong downtrend. The option could be to enter on a pullback towards tomorrows high, if we indeed have a downtrending day. I will seat out on this one tomorrow.