29.11.2013 – EURUSD update

I have been finishing a big project of mine so I have literally no time for trading at the moment. Anyway, it’s booz free Friday so I have a time for EURUSD analysis. Judging by the way the EURUSD is acting I am guessing the market is slowing its retracement to 3820’s HIGH. Highest print of the week was 3621 and although we are seeing a new higher high creation looking at the pattern of this creation, I am skeptical about being confidently bullish. Futures volume is declining and the ATR is now on the yearly bottom. This is definitely not the sign of strength.

In terms of prices I would watch for the action in the 3590’s. If the market holds below 36, I believe we can see quickly a retest of 3550’s and eventually 3400’s. If the market pushes through 3600 but is strongly rejected at 3621, do not be affraid to load the boat and go SHORT.

Have a great trading week.

lechiffre