A while back i mentioned i was expecting a bounce from the 0.8800 level back a little closer to the 0.9000/30 region and after last nights wild ride we are not too far off. I think the market was still short which has made the bounce a little move violent than expected.
I am now thinking the best place to leave a stop on shorts would be above 0.9120 which makes me think that selling at 0.9025 and 0.9075 with a stop above 0.9120 is a good way to approach things for now. Above this level opens the way for a retest of the top of the bear channel that has been in place since Dec 08 at 0.9300ish.
