Channel High: 1.2797
Channel Low: 1.2783
Channel Width: 14
Profit Target: 1.2818
Ecnomic Indicator: None
Time of Release: N.A
Volume @ Time of Release: N.A
Profit Given: NO
Setup Checklist:
Breakout of Channel before Time of Release: NO
Volume Breakout of Channel before Time of Release: YES
Economic Indicator Votality Measure: 0
Today Asian stock markets went for a round of solid selling with nikkei and hang seng clocking a 468 and 388 drop respectively. So how did the EURO fare? Weak. Seems like it prefers to test the bottom support than re-test the upper resistances.
According to the stock almanac, today is a bearish day for both Dow Jones Industrial Average and S&P 500. Remember, i have a buy LIMIT @ 1245.00 =) I wonder who will win....the statisticians win or the technical analyst? We shall see.
Anyway back to the daily EURO trade. Today the EURO channel trading system was faced with a cut loss of 16 pips. The breakout at 2p.m was just too weak. After triggering the upper channel, the market u-turned and headed south, hitting a low of 1.2754 in slightly more than an hour. At 7p.m, Bank of England is going to announce their interest rates (forecast 4.5%, prior 4.5%) and at 7.45, the ECB is going to announce theirs too (forecast 2.75%, prior 2.5%). And hey hey! Bernanke is talking tomorrow at 11p.m Singapore time! Prepare for action =)
