Euro has basically thrashed around this morning. On the 5- and 15-minute chart, the pair was coiling inside a symmetrical triangle and has broken downward but was stopped by an uptrend line from this past Friday. This triangle formed coming out of a broadening formation, visible on the one-hour and 15-minute chart. It's possible these are only short-term bearish signals—one would still hope for a rally—but I've been shorting tiny rallies this morning, the last short being from 1.3594 which is still on. A definitive break of the uptrend line would target 1.3560 and then 1.3533 in the short-term. A break upward would bring back the idea that the pair was ready for a rally.
Here's the 15-minute chart:
© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
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