Ralph Shell's  Instablog

Ralph Shell
Send Message
Ralph Shell has a rural midwest agricultural background. He graduated from a small Ohio liberal arts college. His graduate studies were in economics and history at Duke University. Shell has ten years experience trading cash commodities in domestic and export markets. He is also a former... More
My company:
Project Triumph LTD
My blog:
Forex Brokers
  • EUR/USD Commentary and Analysis 0 comments
    Aug 28, 2009 12:41 PM | about stocks: FXA, FXB, FXC, FXE, FXF, FXY, UDN

    After teasing the bulls all week, the euro made a move to the upside late Thursday afternoon.  It easy to surmise that this move was made on light volume but that does not seem to be the case.  Open interest in the futures at the CME was up a hefty 8844 contracts, so we have an ample supply of new buyers and sellers.  Yesterday's upside spurt poked through  a minor trend line, and at 1.4355 we are now parked on it.  Trend lines are often meaningless.  Last Friday the market firmed late to close on the cusp of the season highs above 1.44, but then backed and filled this week.

    The weekly euro chart continues it's gradual upward climb.  Some analyst maintain that the euro has a chance of moving to the 1.48 handle over time. Fundamental economic numbers have shown practically nothing to separate the progress of the two economies.  The H4 chart shows the pair has recovered from the modest sell off down to the 1.4200 handle.

    Sometimes Fridays thin trade can give you opportunities if you have a plan.  This pair acts like it wants to work higher, so if they run a sale today, try to buy the euro on a pull back under 1.4300.

    Stocks: FXA, FXB, FXC, FXE, FXF, FXY, UDN
Back To Ralph Shell's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.