2010-09-24

Euro overbought?

The RSI is starting to reach overbought territory. I've taken a hit in my euro-short position, but I've made up for it with gains in gold. It seems that we may (cannot stress that enough) be seeing a blow-off intermediate term top here. I'm wondering if we'll see the speculative traders swing into net long positions on the euro when the COTS comes in at the end of the U.S. trading day.

Tim Knight has a good discussion of the euro and sentiment in his post-trade video from yesterday. He has a long-term road map and intermediate views, but he tends to be very short-term in his trading.

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