Trade #10: EUR/USD Short (Update)

Update at 6:41pm CDT on 6/15/08: I was stopped out for a -50 pip loss. It looks like we could see higher prices near term, so I will look to go short around 1.5550-75 if all goes well.

The 1h chart above shows that the first wave down may have formed as a leading diagonal. If this is the case, we should see a sharp upward retracement for Wave-ii. The 50% fibo and the monthly pivot point lie in the 1.5550-75 zone, so I will look to short around there, given there is no 5-wave upmove.

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