A Good day to all !!!
Me is a happy Koala today! TOMORROW IS FRIDAY !!!!!!!!!
This also means it is profit taking day for cash to buy beer!
Looking at the EUR/USD, i will like to bring your attention to the two circled regions. These appears to be the top of the move for now and if it turns out to be true, we may see a mambo jambo bear party.
S&P 500 displays a similar scenario and it will be wise to monitor it closely to see if it decisively goes above 1100. Doing so may bring the EUR/USD up along. Fails and it may drag the EUR/USD down with it.
Oil has been ranging for some time now, currently at $77+.
Gold having made a record of reaching $1120 earlier, have retreated to $1113+.
The EUR/USD took quite a beating today. One possible reason could be the string of pro US Dollar sentiments sweeping across the globe. U.S. Treasury Secretary Timothy Geithner said at APEC in Singapore that “It’s very important to the United States that we have a strong dollar,”.
Reports are also been heard of central banks intervening to prevent a free fall of the US Dollar.
If indeed so, these are very strong actions worth being cautious about. Furthermore, the proximity to the strong resistance levels may further dampen the bullish momentum.
Bullish momentum will need to overcome the strong region of 1.4950+.
Bearish momentum upon taking over 1.4910+, may mount an attack on the 1.4865 region.
Oh i am so glad tomorrow is Friday. 1 long week at work down, 2 more to go. If only my official job is to read learn trade and write about forex, it will be wonderful!
I am tempted to buy Call of Duty Modern Warfare 2. Yes? No? Arrgghh.
Maybe not… i am still a joke in BattleForge and i intend to change that!
Trade safe!! Your friendly reminder from a happy koala!
( P/S As of now, the price has indeed fallen to 1.4865+ and bounced. We will probably see some consolidation here. Any further breakdown may open up 1.4843+ )