Wednesday 4 August 2010

EurGbp cont...again...continued

Take a look at these 2 charts of EurGbp. The long term reaction Line seems to be channeling price higher and provides decent support but the more times price returns to any RL or indeed ML the more nervous i get and should price go back down to the RL i would watch for a deep penetration...after all, on the last attempt price went deep under this RL.



















Above is €$..if price fails its attempt to reach the green CL and the sloping RL continues to resist then we could see a sharp reversal later today. The MaccyD shows reg divergence in the 5, 10 & 15 min TF's.
Below is $CHF. I am increasingly conscious that the US$ is somewhat oversold especially in this pair but the currency markets are well known for becoming hugely over extended and the only option is to trade with the trend but i am alert to increasing signs of a potential change of direction.











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