Thursday 27 January 2011

EURUSD

Here is the Euro. I have been feeling since last Friday a bit lost & unsure with the Euro. It has looked strong and trended well but we have run into a significant level of resistance and a possible top. This is of course the .618 Fib RT level from the drop from 1.4280 to 1.2872 but more importantly is the CL of the monthly fork (with pivots 1.0337 Aug 97-.8175 Oct 00-1.6041 July 08). We have seen this ML before in this blog when it effectively supported and resisted price back in Nov last yr. (link)
In the E-Signal chart it is shown as green and in the MT charts as yellow or mauve/magenta.
I am still unsure of where from here but a clear break up though this line on the daily chart would be very bullish but the DX seems supported at the 77.70-78.00 but nothing would surprise me. This is why i am flat on all euro $ positions until i see a clearer trend...but for the moment I still remain bullish.





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