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Afternoon Technicals (all charts)
Morning Notes:
Markets are awaiting Bernanke’s testimony tomorrow. As a result, significant moves are unlikely until tomorrow. Little has changed regarding current trend and pattern.
EURUSD – Look lower towards 12900 and channel support. Watch the channel closely as a drop below would be a ‘tell’ that the decline from 13379 is a 3rd wave rather than a C wave. Resistance extends to 13250 and 13379 is the key level (below is bearish).
Prepared by Jamie Saettele, CMT
Resistance from late March / early April lows is reinforced by the underside of former trendline support. Nothing has changed from a trend standpoint as the rally from 12994 is slow, overlapping, and shows no impulsive characteristics. Additional resistance comes in from a trendline just below 13300. I’m short against 13390.
Prepared by Jamie Saettele, CMT
I rarely look at cycles but highs have tended to occur very early in the month going back to November. A 20 day cycle is plotted below. A new month starts Tuesday. You get the idea.
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
