Sunday Euro open. gap or not to gap

gap higher.

Who is left to sell euros? Surely anyone who wanted to sell would be short by now, and let's be honest, how much worse can the news get? Maybe in a month the focus will shift to some of the indebted "countries" of the US, whose situation is as if not more precarious than Greece.

I'm short eur/usd and have been for many weeks as an intermediate trend trade, but it's been a frustrating position to have on. I looked back at the last mega-trend in eur/usd, from 0.85 to 1.60 - that took about 8 years so about 3-4 pips a business day of NET movement (if that makes sense). In other words, I do believe we can see 1.10-1.20 in eur/usd, but it might take a while, with the occasional sharp rallies.

150 pip gap higher open on Monday.

Gap down, 20 pips. Followed by upwards then consolidation. I would be surprised if sterling had a big downweek then propped up on the Friday...and if not Friday then a big gap down on Monday for sterling then up all the following week.

Didn't really do much at all comapred to the news out. I think this has to be negative for now, maybe not long term but at least for a few days.

Peter

The market is telling us everything we need to know I think. Greece is f*cked, and this aid package is a sticking plaster job which merely buys a bit of time.

Portugal and Spain next. Italy should be ok but if not it starts getting serious there.

Euro will have a twenty handle shortly. Longer term, we wil see 1.20 this year.

All in my humble opinion only of course.

with any luck we will see a 0.0000 handle sometime

Using TA, I will go long at that point for a short term scalp. Could be my holy grail!

Peter

BY the way, in case anyone cares I'm perfect on my two eur trades this morning(not posted)...2 trades, 2 losers, 100% loss ratio.
Where's my prize?

Peter