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Constellation 1976
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Discretionary Trader Speculating in FX and Commodity Futures.
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Constellation 1976
  • EUR/USD & GBP/USD technical update 0 comments
    Jun 22, 2009 6:29 AM | about stocks: ERO, GBB

    EUR/USD heads lower to test the 1.3740 Balance point, moving into the minor trend channel.

    As stated before the target if 1.3740 is confidently breached is located in the 1.35 region where is the Long term trend cahnnel bottom trendline.
    _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
    GBP/USD has a slightly different setup due to the prolonged and solid downtrend in EUR/GBP.

    It has 3 failed attempts to breach the 1.66 ceiling and last move appears a slow grind laboured move that might produce a sharp drop to test the Range bottom at 1.58. This setup will be confirmed by a close below the Trendline Support converging with the 21-Day MA at 1.6260. 

    Stocks: ERO, GBB
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