Eur/usd

[BrandonnKim]

I'm seeing a double top forming on the Daily chart. This would be par for the course on the EUR/USD as of late. A double top following the recent strong uptrend. I have a feeling that we may see 1.5900 followed by a trend reversal.

Anyone care to second this?

[Tess]

That's of course if Euro actually managed to haul itself back up to challenge the double top scenario. Option barriers will defend 1.5800 to 5900 strongly into quarter end.

Drilling down into your hourly frame highlights the upside hurdles Euro Bulls face in negotiating their path thru these niggly offer camps.

We;re rejecting the first line hereabouts @ 1.5650, where strong(ish) offers have been building from late last week.

Next channel of 2 way traffic lurks atop between 1.5650 to 1.5700. If they can absorb that activity, then the trip back to 1.5900 is a slam dunk.

The potential bid activity back towards 1.5350-5400 will tell us more about Euro's near term strength, but much of that work will be dictated by the fundamental appetite than the technical dominance.

[uptick]

Originally Posted by Tess

That's of course if Euro actually managed to haul itself back up to challenge the double top scenario. Option barriers will defend 1.5800 to 5900 strongly into quarter end.

Drilling down into your hourly frame highlights the upside hurdles Euro Bulls face in negotiating their path thru these niggly offer camps.

We;re rejecting the first line hereabouts @ 1.5650, where strong(ish) offers have been building from late last week.

Next channel of 2 way traffic lurks atop between 1.5650 to 1.5700. If they can absorb that activity, then the trip back to 1.5900 is a slam dunk.

The potential bid activity back towards 1.5350-5400 will tell us more about Euro's near term strength, but much of that work will be dictated by the fundamental appetite than the technical dominance.

amazing how it just broke through those levels like a hot knife through butter.

[Tess]

Isn't it just

Those offers certainly got whacked good & proper when Trichet & his buddies began chattering. Extremely hawkish comments indeed.

Didn't do the Euro (or Cable) any harm either that one of the Fed's most aggressive hawks (Fisher) softened re; forward growth & "prolonged slowdown" expectations. A double kick which the buck could have well done without today.

Although it's as plain as the nose on your face that the buck is deep in the brown stuff, a high ranking & aggressive hawk running up the white flag doesn't exactly inspire confidence for the $ Bulls.

[BrandonnKim]

Well... there is an Unemployement Claims announcement for the US on Thursday that should drive the price up through 1.5900 (considering unemployement claims are probably going to be up which should make the US dollar weaker) but how long it stays up that high - who knows... a trend reversal is still possible.

[okbabajyde]

the bullish is still strong .

[swordofrue]

Check out the daily pin right at 382. I am thinking there will be some euro strength before it tests 382 again and see if it breaks 500.

[swordofrue]

Here is a 4h hammer that formed first thing this week. I shorted EUR because of this hammer.

*Update*
Cashed out for 1.7% capital increase.