The strong rally on Friday took out 1.2840
Mon, Nov 20 2006, 16:07 GMT
by Per-Erik Karlsson
Euro
Support/Resistance
Res 3 1.2939
Res 2 1.2901
Res 1 1.2850
Sup1 1.2790
Sup2 1.2751
Sup1 1.2683
Indicators/momentum
EMA'S 1 Hour Bullish
15 min Bullish
5 min Bullish
Key resistance today; 1.2901
Key support today; 1.2790
Favoured strategy today: Longs above 1.2790
Comment:
The strong rally on Friday took out 1.2840 and the next resistance is now 1.2900. Bullish above 1.2790 support today. However a break below 1.2750 support would indicate recent bullish move has come to en end and open for a test of 1.2650. So basically slightly bullish above 1.2790, but to see any stronger rally it has to overcome 1.2901 today.
In order to read more about: Cable, Swissy, Yen, EUR/JPY, EUR/GBP, CAD; download de PDF bellow.
Major events today
11:30 ECB's Trichet speaks
15:00 US Leading Indicators (Oct)
17:00 US Paulson speaks
20:00 ECB's Stark speaks
Rainer's Astrological Column
We're approaching some interesting days. Today at 22:18 we have new moon, usually a day with little moves. Since we have other influences as well, it could still be quiet a dynamic day. Especially after 22:18, a new dynamic might become evident. At the latest by early tomorrow we should the effect. This would be a moment to open a position with a 2-day time horizon.
This move has potential to become one of the most profitable trading occasions of the whole fall. This move will have its peak and be in full swing Tuesday evening. So trends at that moment will scracely reverse before 24hrs after that moment
