Peter Bain Forex Trading Commentary for Friday June 30, 2006
Forexmentor.com Forex Trading Price Action
We have had quite a rise in price on the euro over the past two days, and what I see happening is nothing more than a continued advance after MACD neutralization on the 15 minute. That said, I still see the overall trend as down. Once the second leg of this process consummates, watch out below. I am not easily fooled by these rallies, fuelled by the dumb money. Looking at the higher level charts (weekly,daily), momentum is clearly to the downside. The 200 EMA on the 4 hour and 1 hour charts is in a downward slope, and price is trying to buck that trend - once again - but to no avail.
See today's chart at: http://www.forexmentor.com/campaign/june3006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
We have had quite a rise in price on the euro over the past two days, and what I see happening is nothing more than a continued advance after MACD neutralization on the 15 minute. That said, I still see the overall trend as down. Once the second leg of this process consummates, watch out below. I am not easily fooled by these rallies, fuelled by the dumb money. Looking at the higher level charts (weekly,daily), momentum is clearly to the downside. The 200 EMA on the 4 hour and 1 hour charts is in a downward slope, and price is trying to buck that trend - once again - but to no avail.
See today's chart at: http://www.forexmentor.com/campaign/june3006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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