Peter Bain Forex Trading Commentary for Thursday August 31, 2006
Forexmentor.com Forex Trading Price Action
There's not much to report today, other than the fact that the dumb money are alive and well - determined to drive the euro higher.
I see this almost as a last gasp, before the euro heads south again. I expect that we're going to see some sanity creep into the markets, as we head into September, when some of the smart money comes back on stream. In the meantime, we let the dumb money have their day. The day of reckoning is rapidly approaching. If you believe the euro is going to break the sound barrier, then I'll introduce you to my fat friend at Christmas time who wears a red suit. If you take a look at the daily chart, you will notice the euro running into some pretty heavy duty resistance at the 1.3 level. I will sure eat crow if it ever penetrates that level, but I'm betting it won't. Any takers on that? I'm in for a Snickers bar. Not sure of the spelling on that one, but close enough.
For more on how the Big Dogs play this game, please head on over to the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/aug3106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
There's not much to report today, other than the fact that the dumb money are alive and well - determined to drive the euro higher.
I see this almost as a last gasp, before the euro heads south again. I expect that we're going to see some sanity creep into the markets, as we head into September, when some of the smart money comes back on stream. In the meantime, we let the dumb money have their day. The day of reckoning is rapidly approaching. If you believe the euro is going to break the sound barrier, then I'll introduce you to my fat friend at Christmas time who wears a red suit. If you take a look at the daily chart, you will notice the euro running into some pretty heavy duty resistance at the 1.3 level. I will sure eat crow if it ever penetrates that level, but I'm betting it won't. Any takers on that? I'm in for a Snickers bar. Not sure of the spelling on that one, but close enough.
For more on how the Big Dogs play this game, please head on over to the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/aug3106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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