Let's look at the really big picture again on the EUR/USD- the MONTHLY chart (log scale). Note: this is of course NOT suitable for trading. Beware. Usage: - protecting your savings (by going into USD) - determining the overall trend (which pressure prevails, when going down to lower time frames?) - as well as determining important support & resistance levels...
The attached article sites how European investment banks are losing footing against their American cohorts. Technically, we see the price action narrowing in on the 21.30 area, looking to break out. The Ichimoku cloud indicates massive resistance from above and it does not appear that EUFN has enough momentum. The RSI/MACD combination implies this is an optimal...
As expected the 1.138 - 1.140 area turned out a very profitable opportunity to short and this is what I suggest for the rest of this week. Stocking up on shorts (along the red line) is still the name of the game. The EU will most likely keep on falling until it touches 1.067 on Friday. ENJOY!
CAC 40 has seen some profit taking over the past couple of weeks and has formed an inverse H & S continuation pattern that is awaiting validation. A successful break and consecutive 2hr closes above 5104 could see the CAC head towards its measured target of 5277. Failure to validate the pattern and break below 5k is a bearish development that should see continued...
Very simple support and resistance however this one has a very good reward to risk ratio.
It was interesting to observe CAC40 this week. Despite the move down of DAX30, DJI, SP500, NSDQ, event Eurostoxx, CAC40 try to stick upside at a range between 44500 and 4500. MACD shows that there is no momentum, no more steam to keep CAC40 that high up. But STOCH shows that there is a try to keep it up at 4500 as if this range would be a proof of a healthy ...