FNP Squawk Box (11-Nov-2011)

Guys, whatever S&P said or clarifies about the French rating, I am still not comfortable going on long with EUR/USD. Based on the daily chart, I have not been on long position EUR/USD for the longest time. It has been a one-sided affair between us.

Even for today (10-Nov-2011), as of now, it is seemed to be an up close day but I made away with a short position I held since late last night and right now, I am holding another short position opened about 3:29am (Singapore Time).

There are still a lot of issues going on with the Europeans and the charts are going in line with their problems. Hence, on my end of the desk, will be ignoring any possible long positions unless the chart states otherwise, probably near term retracement. Price action is still below 200 week moving average.

EUR/USD and EUR crosses are definitely on our watch but we are not going cowboy on this one just yet. Wait a little longer guys...