Tuesday, June 16, 2009

Hourly Consolidation is Seen as Bullish Sentiment sees a Range of Daily Static Support from the 1.0880 Daily Pivot

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Deep Bearish Sentiment is seen with Uni-Directionality as Price looks to Clear the 96.00 Handle Daily Pivot Area acting as Static Support, and move to the 95.69 and 95.40 Dynamic Support Areas

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Bearish Sentiment gives way to Accumulation as price attempts to Clip 1.6210 Daily Static Support Range and the 1.6333 Daily Pivot Range with a Price-Bounce Correction confirmed by RSI Reading and Slope at “44”

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EUR/USD Current price: 1.3828

Neutral Hourly Sentiment is currently seen as Price remains in Accumulation Range of 1.3759 Daily Static Support and the 1.3953 Daily Pivot Area with RSI Readings and Slope confirming the Upside Correction at “42”. Failure to Clip the daily Pivot sees an Hourly Wedge/Flag Formation as Price continues into Consolidation. The 20/20SMA Bearish Cross is still active, signifying considerable Downside Weight moving forward

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Today's Trading Signals

The trading strategies are based exclusively on technical analysis and are short term with a maximum time horizon of 3 to 5 days

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EUR/USD: (1.3807) Testing Neckline Head And Shoulders bottom (1.3793)

Reversal Day at 1.4339 is sending the pair back towards 1.3739 (neckline Daily Double Bottom) and currently testing the neckline of a Head&Shoulders top (1.3793)

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