Tuesday 11 January 2011

€$

Looking on a bigger TF we can see clearly the double tops (yes, i think so, It's is borderline case but it is a definite failure to make a significant HH and looking at it from here looks like a DT) from last week and also see a RL that has helped carry price lower. So far we have bounced off the blue CL and should see the US$ & USDX ease back as per my previous post this morning but any test of 1.2910 on the downside would have a high probability of a sharp break down. Currently we are testing the 1.2950 level but as you can see in the MT chart there is resistance from the DS RL above at 1.2970

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