Thursday, July 09, 2009

Euro again

After a failed H&S pattern on the daily down to the 240min timelevels the Euro moved into a sideways consolidation pattern holding above the neckline, but below the shoulders of said H&S pattern. We can see some important uptrend lines on the Euro, the first one has been broken a few days ago, the lower one coming into play now, but leaving the Euro still a lot of room. Globetrader_22

On that 960min chart you can see where we stand right now. Yesterday we broke down finally, but that reversal we see right now leaves me questioning my decision to go 3/4 into the USD with my account at the 1.39 level. Retaking the 1.40 level will get me back into the Euro in the account. We might see another week or two of holding patterns in the Euro, but then that second uptrend line comes really into play and will decide whether we go higher or not.

1 comment:

Anonymous said...

Hi Chris: Thks for the charts & patterns that you post .. I follow the EUR futures ..have not trdaed them yet only scalps here & there but I like the way you look at the big picture & take a position.
Do you switch your account from $ to EUr thru futures OR EURUSD cash ..if you could write a little piece on it on how you switch back/forth ..will be helpful ..
However, I will check with you sometine in Ingo room ..
Many thks for your excellent presentations on your blog ..I read it regularly ..
If there is anything that I can do to help your blog pl let me know ..
It is very useful & productive for me ..