Tuesday, 14 February 2012

EurUsd....will it? Won't it?

Theres a definative objective here and what with the data coming later today we may see either a meltdown ( failure to reach the CL at 1.3240) or a surge back up to the 1.3280 1.3300 area. Persoanlly i favour the upside in part becuase of the failure to reach the grey CL (Esignal) in the D/S fork...however i do not like the look of the ribbon stochastics in the daily charts (Ensign) but then price can do what it likes, when it likes and they will follow (but its worth bearing in mind that they are on the way down but this fact is offset by the Bline remaining in the zone). If we start to form a top here at 1.3200 we could have a short position but i will watch to see how tired price becomes at this level but if it fails to deal with 1.3200 we could see a sharp retracement but I suspect we will not test the overnight lows.

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