Peter Bain Forex Trading Commentary for Tuesday May 30, 2006
Forexmentor.com Forex Trading Price Action
The euro is still in the process of topping out on the daily chart. Coming into today's session, the 4 hour chart was clearly in a downtrend, as reflected, not only in price action, but also in MACD. Today's rise to the R2 level was seen as nothing more than a counter-trend move, and a retest of a previous support trendline (now providing resistance). Further, price cruised through M4 - the expected high on this, an M2/M4 day. The run up in price was halted, after we had back-to-back negative divergence on both forms of MACD - histogram and regular. For more on the technical indicators I talk about in this am review, we have an extensive library of information for our members in the private area at forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/may3006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The euro is still in the process of topping out on the daily chart. Coming into today's session, the 4 hour chart was clearly in a downtrend, as reflected, not only in price action, but also in MACD. Today's rise to the R2 level was seen as nothing more than a counter-trend move, and a retest of a previous support trendline (now providing resistance). Further, price cruised through M4 - the expected high on this, an M2/M4 day. The run up in price was halted, after we had back-to-back negative divergence on both forms of MACD - histogram and regular. For more on the technical indicators I talk about in this am review, we have an extensive library of information for our members in the private area at forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/may3006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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