Thursday, June 16, 2011

EUR/USD Pulling back for another sell 6/16

The euro hourly chart to our left, we can see as like most markets today, it didnt do much. What it has done though is pull back to nearly the first retracement shown in purple (@1.4235) and along with that we get a real good sized pullback in the MACD indicator, almost to the level of where it was at the beginning of this recent sell off. While not really continuation divergence, I like seeing the MACD pull back a much higher percentage of the recent swing high than price does. I'd look to sell this around this level or if we pull back any further if you're patient.

1 comment:

  1. I believe 1.43 was the level to be patient for that I discussed. It also coincides with the 38.2% fib level from the replacement for the whole down move. I'm selling this, low risk, strong break of 1.43 and I'm out.