Tuesday, May 24, 2011

Euro hammers 5/24 10:00 AM CST

It looks like the Euro formed some nice hammers against both the CHF and the JPY during yesterdays session, which might be a good indication that it can maybe pick up a little strength against one or both. The EUR/JPY looks like an excellent spot to think about buying at these levels as it tested its deep retracement and now has support off the 50% retracement (@114.96). It also shows some continuation divergence with the MACD and appears ready to continue its previous uptrend.

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