Wednesday, October 10, 2012

EUR GU recap + 10 Oct






Recap - Both pairs fell yesterday but GU seems to be running out of steam. EUR bounced up from the W M2 pivot into the lows of 8 Oct where it sold off again.

EUR - D, 4hr, 1hr flow all suggest down. Approaching the support area above 1.28. The bounces up over the last few days have not been significant. Other than the support area no reason at the moment to think a move up is anything other that chance to sell rally.

GU - After 2 strong down days GU move seems to be running out of steam. 4hr chart showing divergence. The W pivots again containing moves.1hr lower high lower low flow still in tact but also showing divergence. Divergence is one thing, price action needs to confirm with a strong positive close or reverse of lower high lower low flow. Even if we move up the are several combinations of pivots and resistance levels 1.60 - 1.6050 that could be sell areas.

No comments:

Post a Comment