Tuesday, May 7, 2013

EUR GU EJ 7 May

EUR - D closed an inside candle. Range bound trading generally means trading the reaction to the W pivots/support resistance levels. An engulfing negative close on 1hr would set up a move to test 1.3050/1.3000.

GU - Has struggled below 1.5600 which is the top of a D channel for a week. A weak D close and we have not yet crossed below the 8lwma. If the 4hr closes negative here we are on a lower high suggesting move down will continue. Bias down.

EJ - D closed a small doji. The 4hr does not appear to be reacting lower in the same fashion as it did after the 25 April doji. A 4hr hammer/engulfing close here would set up a move higher. At the moment the 1hr flow is lower high lower low.

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