Wouldn’t it be great if you could just go back an erase the perverse price action that wrecks otherwise perfectly good chart patterns? Just ignore that yellow highlighted part on the hourly EUR/USD chart and you have a head-and-shoulders top playing out. The measured move objective is 1.3863….Will it work? Bests me, but I’d be inclined to fade rebounds toward 1.4070, yesterday’s low and the broken uptrend, now at 1.4095. Pull the plug if prices get much above the 1.4100…
Just ignore the yellow bit
Source: www.forexlive.com
Read more...
Crisis in Europe: Prepare for Repercussions from Credit Rating Downgrades
By MoneyMorning.com.au After months of buzz about how the debt crisis in Europe will trigger credit ratings cuts, Standard & Poor’s...
Dukascopy Morning Forex Overview - Oct 13 2009
Previous session overview The dollar rose against the yen in Asia on Tuesday as Japanese importers bought a larger volume of greenbacks than usual to settle accounts after a three-day weekend. But the trend remains negative for the dollar, which will likely soon resume falling, dealers said. Many...
Look for an Algo afternoon
In the forex market we don’t get the dog days of summer, we get the algoritim days of summer. Especially after a day like today, most treaders will head to the sidelines . That doeasn’t mean markets will quiet down. In fact, it often means quite the opposite. Machines are bloodless and...
Dukascopy Afternoon Forex Overview - Sept 21 09
Previous session overview The dollar is stronger Monday in New York as the yen and higher-yielding currencies give back some of their recent gains versus the greenback while investors consolidate their positions. With markets in Japan, Singapore and several other Asian countries closed Monday for...
GBP/USD Drops on Rising Volume
By Fast Brokers - The Cable is pulling back on rising volume along with the EUR/USD, raising a red flag as far...