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Wednesday, July 1, 2009

Morning Update Wednesday

It looked perfect last night, but the market had something else in mind. This upward channel seems to be containing the move so I'm looking for a possible bounce off the top trendline which would complete (Minor B). The current peak for today is pennies from the 50% retrace and 61.8% is about 937.64.

The Euro has been leading this rally, but the M5 and M15 Ichimoku charts are beginning to weaken. This peak coincides with the top of the Weekly Kumo in the EUR/USD. This is a very strong line of resistance. So changes are good both markets will turn down here.

Dang, I've got to go to work, and make money the old fashioned way.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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