Wednesday, June 22, 2011

EUR/USD In a retracement channel 6/22

It looks like the building divergence we had seen in the eur/usd has finally led to a sell off in the afternoon hours of today as we break to the lower part of the retracement channel shown in yellow around 1.431. So while over the last few days we've been in a minor up trend, I think we have held the intermediate term downtrend and we'll see if the short term trend can be broken by getting out of this channel and headed back towards new relative lows at 1.4072.

No comments:

Post a Comment