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June 21, 2009

Sunday Night FX... 6/21

Hello Traders, hope the weekend was enjoyable. Sunday night FX trading is always fun, and usually has some good action. Hopefully we have some nice opportunities. The chart above shows the classically formed Citigroup Head and Shoulders pattern that we saw as C began to top out and reverse. This is exactly what we want to see with the Euro. The $EURUSD formation is also very clear and visible, but the bulls will not give up easily...

I have waited a few days to post any $EUR/USD Head and Shoulders updates, as we are only seeing consolidation and a bit of whipsaw trading across clearly drawn support/resistance areas. It is my opinion that there are a great many bulls trapped long, and nervous. I still see this pattern breaking downward and continuing as described in earlier posts, not to mention that we have continued to see more bearish signals continuing into tonight's action. It will be very interesting to see where the London Session takes the market, as well as the U.S.

I will post charts as necessary, and updates for setups that I see taking place.
Good Luck!

1 comment:

suchen said...

Thanks for your update!

Quick question, what do you think is better to trader the 6E futures index, or EUR/USD spot index?