Peter Bain Forex Trading Commentary for Friday August 4, 2006
Forexmentor.com Forex Trading Price Action
As at this writing, price on the euro has marched northward to 2878. If this level is broken, and the EUR/USD pair continues its trek north beyond the consolidation phase (say past 3000), then I'd have to concede that the downtrend sentiment has been broken. It all depends on whether we have an uptrend continuation pattern unfolding, or an uptrend reversal situation. Of course, we'll have to wait and see what the new COT (commitments of traders) report has to say later on today.
See today's chart at: http://www.forexmentor.com/campaign/aug0406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
As at this writing, price on the euro has marched northward to 2878. If this level is broken, and the EUR/USD pair continues its trek north beyond the consolidation phase (say past 3000), then I'd have to concede that the downtrend sentiment has been broken. It all depends on whether we have an uptrend continuation pattern unfolding, or an uptrend reversal situation. Of course, we'll have to wait and see what the new COT (commitments of traders) report has to say later on today.
See today's chart at: http://www.forexmentor.com/campaign/aug0406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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