Peter Bain Forex Trading Commentary for Thursday July 6, 2006
Forexmentor.com Forex Trading Price Action
With the euro having finished its retracement, the downtrend is back to being in full swing.
Prior to today's session, MACD on the 4 hour chart was bearish-headed down with good angle and separation, and price action was displaying all the attributes of a downtrend continuation pattern. Futher, as at this writing, MACD is neutralizing on the 15 minute, which is always a precursor to leg 2 down to come. Watch out below! You will also notice the behavior of price in relation to the 200 EMA (read, below it), which has a downward slope.
See today's chart at: http://www.forexmentor.com/campaign/july0606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
With the euro having finished its retracement, the downtrend is back to being in full swing.
Prior to today's session, MACD on the 4 hour chart was bearish-headed down with good angle and separation, and price action was displaying all the attributes of a downtrend continuation pattern. Futher, as at this writing, MACD is neutralizing on the 15 minute, which is always a precursor to leg 2 down to come. Watch out below! You will also notice the behavior of price in relation to the 200 EMA (read, below it), which has a downward slope.
See today's chart at: http://www.forexmentor.com/campaign/july0606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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