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Wednesday, February 17, 2010

Wednesday

Midnight PST


19:00 PST
I'm taking my profit right here. 39 pips.


16.00 PST
Small euro scalp





11:15 PST

The EUR/USD is likely to bottom out today at 1.3578. Watch for an hourly PPS signal to catch a small rally, but use caution as the major trend is down. A break below 1.3531 will most likely lead to further selling and a resumption of the Bear trend.



08:15 PST

DDF is expecting a Bullish to Neutral Bias for the day. With Price near the Persons Pivot of 1106 and the handle of Andrews Pitchfork I feel at odds with the bullish aspect of that indicator.

My Elliott Wave count has us at the top of wave three and a pull back to the lower tine would seem a better forecast.

I'm watching for a Bearish signal from PPS but it remains Bullish.

The Ichimoku is also Bullish on the hourly chart but the Daily Chart is in a neutral stance with resistance from the Kijun-sen in the area of 1097.

As mentioned yesterday Fibonacci ratios are also indicating 1097 as a significant area of resistance.






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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