Peter Bain Forex Trading Commentary for Tuesday May 23, 2006
Forexmentor.com Forex Trading Price Action
The euro, while exhibiting signs of stalling out on the higher level charts, still has legs, given the fact that we do not have any convincing trendline breaks at those levels - albeit weak ones at that.
As at mid-morning, what with the hourly displaying weakness (read, MACD having punched down through its trigger line), and with a symmetrical triangle in a downtrend on the 15 minute, I see further price vulnerability ahead - at least in the short-term.
I doubt that the signs of MACD neutralization will come to fruition.
Price has retested the lower trendline of the triangle, and then headed south again.
See today's chart at: http://www.forexmentor.com/campaign/may2306.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The euro, while exhibiting signs of stalling out on the higher level charts, still has legs, given the fact that we do not have any convincing trendline breaks at those levels - albeit weak ones at that.
As at mid-morning, what with the hourly displaying weakness (read, MACD having punched down through its trigger line), and with a symmetrical triangle in a downtrend on the 15 minute, I see further price vulnerability ahead - at least in the short-term.
I doubt that the signs of MACD neutralization will come to fruition.
Price has retested the lower trendline of the triangle, and then headed south again.
See today's chart at: http://www.forexmentor.com/campaign/may2306.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
<< Home