EUR - D closed positive but not entirely convincing. We have not had any pullback for a 4-7 day turn, i.e. no double bottom/higher low. Take a look at the D chart on most turns you'd have some kind of final attempt in direction of trend. 4hr flow higher high higher low. 1hr showing upper wicks at W M3 1.2932. 1hr positive close would see retest of yesterdays high/W M3, a negative close would change the flow down again. No bias as we can obviously go in either direction. I would suspect down at some point as the move up is either a rally in down trend or we need a move down to complete a 4-7 day turn.
Result: We did have the London open 1hr positive close to test to test the previous days high. Going into US session another 1hr higher low which we did not consider with Bernanke approaching. The move up was sold off strongly.
GU - D lower high engulfing negative close. 4hr lower high lower low flow in place, positive divergence showing. A positive close on 1hr would be a higher low following divergence. Bias is down though.
Result: Down bias played out nicely at London open.
EJ - D closed positive with a small range. 4hr showing moves up largely happening during Asian session recently. We have closed at the highs/W M3 and need to see the reaction. A smaller reaction lower (that we are currently seeing) may see highs fail for move up.
Result: The weaker reaction from a key level is often a sign that level will fail. Nice move up until Bernanke testified.
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