UPDATE – EURUSD and The Markets 5/31/2010

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Unfortunately before the EURUSD went up into the 1.2400’s we had already been stopped at BreakEven at 1.2217.  If you got back in and made the 100+ pips plus then good for you.  At this point it is Monday night and the US Markets are negative and the 10 month moving average has been broken to the downside and it looks like a downtrend may now be in place.  I would look for the same in YEN pairs.  They are all beginning to roll over.  If your going to short the yen pairs look for AUDJPY and EURJPY to lead the weakness.  With the BOC meeting tomorrow….a raise in rates would cause the CAD to hold up against everything.  Watch USDCAD, GBPCAD, EURCAD, and CADJPY tomorrow at 9 AM.  Good Luck
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