Peter Bain Forex Trading Commentary for Tuesday July 11, 2006
Forexmentor.com Forex Trading Price Action
If you take a look at the daily chart for the euro, you will see that the two most recent Tom DeMark trendlines - one support and the other resistance - pretty much tell the story. Price is being contained by the resistance line, and the support line has turned resistance too. That, combined with the bearish COT sentiment, can spell only one direction for the euro, and that is down. Now, it won't drop like a stone, but it will invariably go that way. A Joe Cheung price projection sees the euro dropping to approximately the 2500 level in the interim. Today, we had a nice short-term reversal at the London open, in the form of railway tracks. Not much, but pretty obvious.
See today's chart at: www.forexmentor.com/campaign/july1106a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
If you take a look at the daily chart for the euro, you will see that the two most recent Tom DeMark trendlines - one support and the other resistance - pretty much tell the story. Price is being contained by the resistance line, and the support line has turned resistance too. That, combined with the bearish COT sentiment, can spell only one direction for the euro, and that is down. Now, it won't drop like a stone, but it will invariably go that way. A Joe Cheung price projection sees the euro dropping to approximately the 2500 level in the interim. Today, we had a nice short-term reversal at the London open, in the form of railway tracks. Not much, but pretty obvious.
See today's chart at: www.forexmentor.com/campaign/july1106a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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