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EURUSD

Tue, Nov 3 2009, 08:12 GMT
by Ian Coleman

Turtle Futures


EURUSDEURUSD

EURUSD

Daily: We are still holding onto the trend line at 14754 on our large ascending wedge formation (reversal pattern). We had our short Moving Average cross over to sell on the 27th of October. Yesterday was our first close below the main Moving Average. We have moved up to test it again this morning at 1.4810. (The moving average signal line for EURUSD is 25). We have divergence to sell on the MACD and had a MACD cross on the 26th. We had some small divergence to sell on the RSI after our last high and because we had gone overbought this signal was more relevant. So, overall we have a bearish bias on EURUSD with just the trend line left to break. If we do break out to the downside the move should be aggressive. This is the normal scenario for wedge break outs.

1HR: We have made a descending triangle (continuation pattern) and are holding onto the inside trend line at the moment (14754). A break here will take us down to 14700 were we should expect some support. We are just crossing over to sell on the MACD. I wouldn’t expect too many fireworks until the 5th of November, which is a bit ironic! (Rate decision)I am a big believer in technical analysis but what we must always remember , it’s the fundamentals that move the charts – are we in for something different from the ECB or can we expect a big move down in stocks. Not long to wait to find out.

Good luck.



Published on  Tue, Nov 3 2009, 09:32 GMT


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