Peter Bain Forex Trading Commentary for Thursday May 18, 2006
Forexmentor.com Forex Trading Price Action
The euro is looking a little toppy, if you pay credence to the behavior of price and MACD on the daily chart, and the railway tracks on the weekly chart.
I say, 'watch out below!' That said, we did have a nice bit of a rally yesterday after the NY close, in the form of a 1-2-3 bottom. A price measurement saw price rising to the central pivot point today - which it did.
Price is now meeting resistance at the central pivot point and the 144 EMA on the 15 minute chart.
See today's chart at: http://www.forexmentor.com/campaign/may1806.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The euro is looking a little toppy, if you pay credence to the behavior of price and MACD on the daily chart, and the railway tracks on the weekly chart.
I say, 'watch out below!' That said, we did have a nice bit of a rally yesterday after the NY close, in the form of a 1-2-3 bottom. A price measurement saw price rising to the central pivot point today - which it did.
Price is now meeting resistance at the central pivot point and the 144 EMA on the 15 minute chart.
See today's chart at: http://www.forexmentor.com/campaign/may1806.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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