EURUSD Short S2 + Fib Extension 1HR

eurusd-to-s2-fib-24feb09.gif – This started as a quick trade for 30 pips pre opening down to the 800 on the 5 or 15 minute areas.  As I was looking at the longer tern Fibs on the 1 hour I saw that the 1.382 extension on the fib of the last move is a confluence area with the daily S2 pivot.

 My initial trade targets are being hit as I post this.  I am playing conservative today due to alot of talking heads going before the US Congress.  I am going to trail down my stops and see where this may go.  I am NOT willing to risk much though as I expect some whippy action once the testimonies get underway, still, this is an interesting setup with a nice profit target if it breaks in that direction.

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