Simultaneous Release at www.thegeekknows.com
Non farm payroll came and went, took out margin accounts as usual.
Life goes on.
Now our currency pair has decided on a position.
Closing the week below 1.46 is probably significant.
A bearish channel has developed and is right on track so far.
The S&P 500 has broken 1040 and with much bear power i must say.
Having tested sub 1020 on Friday.
Read up on my article on the EUR/USD and S&P 500. I am taking this clue as a possibility of further bearish momentum for the currency pair.
Oil and gold lingers around $68 and $1000 respectively without much clear direction.
If the bearish momentum proceeds to develop into a major push, we may be seeing oil and gold on the retreat soon.
I am very interested in the global equities and S&P 500 scene as they rely very heavily on sentiments.
Traders returning from bbqs, crystal clear beaches may realize things are not that great anymore and exit positions come Monday.
This may cascade.
Alright, enough of the doomsday talk and looking at a technical aspect, the bear channel for the EUR/USD seems pretty much in play.
Any attempts by the bulls to regain lost ground will need to overcome major line 1.4600 followed by smaller outposts like the 1.4650 region.
The bears will need to overcome the lower trendline of the previous bull campaign right around the 1.4500 area now.
By the way, the commercial properties scene has not been given much headlines but foreclosures there are happening and this may be a time bomb.
While asking folks hows the weekend coming along, one of my best trader buddy said he was enjoying a great bbq and having whiskey.
How i wish i am doing so. Nah i am not a superb trader to have some privileges.. yet
I’ll spend my time reading up on articles and preparing articles for you my readers.
Hey i noticed that i am beginning to write my articles like a war battle plan. Hahaha, might as well since forex is always a battleground between bulls and bears.
No one violently protests ya?
Trade safe please! Oh.. enjoy your weekend.
You can visit my blog for more EUR/USD and forex articles.
Discuss with me over at forums.fxinstructor.com!