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Tuesday, June 8, 2010


Market recap:
Today's Bullish Harami creates a possible Bullish Reversal. Confirmation will be required from a white candle closing above today's close. As I said last night I expected a bounce off this area of heavy support, and we got it.

I also mentioned the strong resistance of the hourly Kumo at 1072. The top tine of the Cyan fork is expected to hold, but there is a substantial weakness in the Kumo on Thursday and Friday so this is may get risky for the Bears if 1067 is taken by the Bulls.

All of the hourly indicators are bullish right now.

I've created two possible upward forks (Green and Yellow).

As you can see, if Price follows the Yellow fork, the weak area of the Kumo may be avoided. On the other hand if the Green fork is followed Price runs smack dab into it. Of course the Yellow fork could play into the wider tines of the Green fork. This is going to be the fork to watch for the rest of this week.

Until the 1040 area is broken there will be no rest for the Bears.

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14:48 EST

14:08 EST
Perhaps it would be more accurate
to say the bearish forks will dominate.

13:30 EST
If you need help understanding these chart please ask.

10:30 EST

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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