Peter Bain Forex Trading Commentary for Friday May 26, 2006
Forexmentor.com Forex Trading Price Action
Regarding the euro, we definitely have a topping-out process going on the daily chart, what with MACD flagging bearishness, and a possible 1-2-3 pattern in the works. We also have a support trendline on the daily that has been broken, and is now providing resistance. Coming into today's session, we had positive divergence on MACD, and a double bottom - at M2 on an M2/M4 day. Price then sought out M4 - the expectedhigh for the day (M2 being the expected low). That was followed by MACD negative divergence.
See today's chart at: http://www.forexmentor.com/campaign/may2606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Regarding the euro, we definitely have a topping-out process going on the daily chart, what with MACD flagging bearishness, and a possible 1-2-3 pattern in the works. We also have a support trendline on the daily that has been broken, and is now providing resistance. Coming into today's session, we had positive divergence on MACD, and a double bottom - at M2 on an M2/M4 day. Price then sought out M4 - the expectedhigh for the day (M2 being the expected low). That was followed by MACD negative divergence.
See today's chart at: http://www.forexmentor.com/campaign/may2606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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