EURUSD

Threatening to take out the 2009 highs (only 3 weeks ago so not that dramatic), the EURUSD is nothing but bullish as it remains above the Tenkan and has not posted a close below the line on the weekly charts since late April this year. The only way you do that is with continual steady buying for the pair. Dips have been minor and the bears have at best posted two weeks of declines in a row while bulls have been winning the fight once it cleared the Kumo. The challenging part about this pair is on a weekly basis, there are wicks on both sides of the fence so dips and rejections are all over the place. Anyone holding the pair more than a day is likely to get whipsawed so for medium term swing players, buying on a dip during the week or for sellers, selling on a rejection is your best bet however with the overall play above the Tenkan line being so consistent, bears have probably been vomiting losses like the girl in exorcist (the original) so unless you got the stomach for it (or vomiting losses), we suggest buying.

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If the technical tooth fairy comes, then a dip or pong off the Tenkan is the play. Breaks have only worked out 2 weeks out of the last 24 so the Vegas odds are not in your favor buying breaks.