Peter Bain Forex Trading Commentary for Tuesday August 1, 2006
Forexmentor.com Forex Trading Price Action
Well, I'm sticking my neck out, and sticking to my guns. I still see the trend as down on the euro. That said, the bulls and bears are duking it out, and keeping price pretty much in check above the 2700 level. I suspect that we will not see much movement until the Non-Farm Payroll report comes out this Friday. Then, let the fireworks begin. It might be advisable to stay out of the market at news hour, as that information hits the wire. In the meantime, scalping opportunities abound, as the EUR/USD pair is range-bound. Today, Tuesday, August 1/06 we had that classic turnaround at the London open, in the form of a trendline break, confirmed by MACD punching up through its trigger line. The ensuing run was worth an easy 30 pips.
See today's chart at: http://www.forexmentor.com/campaign/aug0106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Well, I'm sticking my neck out, and sticking to my guns. I still see the trend as down on the euro. That said, the bulls and bears are duking it out, and keeping price pretty much in check above the 2700 level. I suspect that we will not see much movement until the Non-Farm Payroll report comes out this Friday. Then, let the fireworks begin. It might be advisable to stay out of the market at news hour, as that information hits the wire. In the meantime, scalping opportunities abound, as the EUR/USD pair is range-bound. Today, Tuesday, August 1/06 we had that classic turnaround at the London open, in the form of a trendline break, confirmed by MACD punching up through its trigger line. The ensuing run was worth an easy 30 pips.
See today's chart at: http://www.forexmentor.com/campaign/aug0106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
<< Home