Forex Daily Podcast

The EUR looks like it might be in a contracting triangle ranging between about 1.2060 and 1.2140. We would be looking for a trade up as long as the previous low at 1.2004 didn't get taken out. The EUR currently trades at 1.2079.

We like the possibility that we are in an impulse wave up on the GBP to finish the correction flat from November. If this is the case, the currency will likely go no lower than 1.7520. Therefore, we are looking for a trade up within 20-30 pips of this with a 200 pip limit. Stop should be just lower than 1.7520. We'll be looking to sell 1/2 of our position where our limit equal our stop which make this a free money trade. The GBP currently trades at 1.7548.

The CHF looks like it also needs to break out of it's range. We might try for a trade down for a 100 pips limit if we get within 20 pips of the 1.2893 high. We think it has some downside left. The CHF currently trades at 1.2854.

The JPY should drop here a bit before continuing to move higher. The JPY currently trades at 115.25.

The CAD should have one more thrust higher to the 1.1795 level before pulling back 40-60 pips. We are looking for a 2:1 risk/reward ratio or better to enter a trade. The CAD currently trades at 1.1767.

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