Monday, June 13, 2011

EUR/USD Continuation 6/13

The eur/usd hourly chart on the left has given us a nice opportunity to resell the euro. After a slow and small pull back overnight, we've started forming some continuation divergence (shown in purple) as the MACD has pulled back considerably on this move. We also seemed to have formed a very nice shooting star off the 1.4400 level with confirmation as the next bar breaks the shooting stars low. If you didn't get a chance to short this before, this might be a nice entry spot to try to look for new lows below 1.4320.

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