The last 24 hours have been pretty much a stalemate with EU and frankly speaking I'm finding it difficult to make a decision either way. I like to stick with the medium term trend, which is UP, and my long term outlook is bullish, but the trendline is looking soooooo vulnerable. We are due for a medium term correction. Also, I see some semblance of a tripple top/HS formation.
The intermarket relationships between EU and S&P have broken down, so no help there. Not sure what favours the Dollar any more, good economic news or bad??!! EU jitters "seem" to be weighing the currency but I witnessed a 2,000+ pip EU climb last year in the midst of a major Greek crises.
A quick look at the meetpips landscape, and I get the impression short term sentiment is bearish and I tend to agree. But, my rule is, "if in doubt, stay out", so I'm sitting on my hands and resisting the urge to pull the trigger. Still sticking with short term day trades until this thing sorts itself out.
1.3780 & 1.3860 are key for now.
On Wednesday March 2nd, 2011 at 03:53AM by buruguduy - Like - 0 People
On Wednesday March 2nd, 2011 at 04:48AM by Rambo - Like - 0 People
On Wednesday March 2nd, 2011 at 03:25PM by iwogar - Like - 0 People
On Friday June 24th, 2011 at 07:38PM by preciousbaby22 - Like - 0 People
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