Peter Bain Forex Trading Commentary for Wednesday August 2, 2006
Forexmentor.com Forex Trading Price Action
Sure looks to me like the euro is running out of gas. Is the dumb money giving up? Technically speaking, if you look at the higher level charts (monthly, weekly, daily), it sure looks like we are putting in a head and shoulders pattern, wherein price is pretty much at where the right shoulder should be. Or, are my eyes deceiving me? Combine that with the Big Dogs being short, and the other side going progressively that way, could we just maybe be at a top in this run? I know, I know. The Non-Farm Payroll report is coming out Friday, and Bernanke is wrestling with his interest rate dilemma. But, if you let the technicals speak for themselves, what do you think? Should make for an interesting balance of the week.
See today's chart at: http://www.forexmentor.com/campaign/aug0206.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Sure looks to me like the euro is running out of gas. Is the dumb money giving up? Technically speaking, if you look at the higher level charts (monthly, weekly, daily), it sure looks like we are putting in a head and shoulders pattern, wherein price is pretty much at where the right shoulder should be. Or, are my eyes deceiving me? Combine that with the Big Dogs being short, and the other side going progressively that way, could we just maybe be at a top in this run? I know, I know. The Non-Farm Payroll report is coming out Friday, and Bernanke is wrestling with his interest rate dilemma. But, if you let the technicals speak for themselves, what do you think? Should make for an interesting balance of the week.
See today's chart at: http://www.forexmentor.com/campaign/aug0206.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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