Thursday, July 12, 2012

Todays charts




GU lower high, lower low cycle on 1hr was broken and the failure to go lower yesterday a little more pronounced. GU has a D negative close shooting star but 5500 looking like support with a hammer and US close reversal over the last 2 days when that level broken. GU could go either way with a slight bias to downside. The reaction to 5500 and 5480 will be key.

EUR 1hr lower high, lower low cycle still intact. the move below the support level 2228 was rejected at US close but the move up was not significant.

Cannot help but wonder if the big dogs are playing with the field now looking to offload their short positions. We'll see, whatever the reasons EUR can go into sideways moves for 4-7 days. EUR 4hr and 1hr showing clear CT divergence, 4hr holds more sway. Focus now still more on EUR selling. Could be a tough day.

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