Peter Bain Forex Trading Commentary Tuesday September 5, 2006
Forexmentor.com Forex Trading Price Action
Last night, all chart levels pointed to lower prices for the euro, coming into today's session. That notion proved to be right, and each subsequent rally just became another great opportunity to go short - especially given the attitude of the 200 EMA.
The Big Dogs are STILL extremely short the euro and pound, and relatively long the dollar. This, combined with an okay NFP report on Friday, is dollar-positive.
So, where to from here? Well, there's lots of theories flying around, and some degree of consensus that 2480 is the target price for the euro. I see what could very well be a bear flag in a downtrend shaping up on the daily chart. Price is having a heck of a time penetrating the 1.29 level. Will it hold? Only time will tell, but I'm not changing my tune. I see more red ink ahead for the euro. That is not a popular theory, but one I'm sticking with.
Today is an M1/M3 day for the euro. Notice how price sought out that level bang on, before stabilizing.
For more on the finer points of trading currencies on the forex, why not give the members area at www.forexmentor.com a try? It is chock full of ammo for you to use in your trading decisions.
See today's chart at: http://www.forexmentor.com/campaign/sep0506.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Last night, all chart levels pointed to lower prices for the euro, coming into today's session. That notion proved to be right, and each subsequent rally just became another great opportunity to go short - especially given the attitude of the 200 EMA.
The Big Dogs are STILL extremely short the euro and pound, and relatively long the dollar. This, combined with an okay NFP report on Friday, is dollar-positive.
So, where to from here? Well, there's lots of theories flying around, and some degree of consensus that 2480 is the target price for the euro. I see what could very well be a bear flag in a downtrend shaping up on the daily chart. Price is having a heck of a time penetrating the 1.29 level. Will it hold? Only time will tell, but I'm not changing my tune. I see more red ink ahead for the euro. That is not a popular theory, but one I'm sticking with.
Today is an M1/M3 day for the euro. Notice how price sought out that level bang on, before stabilizing.
For more on the finer points of trading currencies on the forex, why not give the members area at www.forexmentor.com a try? It is chock full of ammo for you to use in your trading decisions.
See today's chart at: http://www.forexmentor.com/campaign/sep0506.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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