Monday, February 2, 2009

candles say eur/usd to continue its slide

Only one call this week, we're bearish on eur/usd (order levels here) :

We taking the long upper shadow on last week's black as a bearish sign. Of course, the current run of weekly blacks and the fact that last week's candle could qualify as a bullish inverted hammer give food for thought. However, the fact that the body of the candle is totally below 1.30 convinces me to run with the bears. Only time will tell.

I'm out on the other majors. True, cable was well up last week and completed something between a bullish harami and a bullish piercing line. Only the fact that cable closed below the psyche level of 1.45 kept me out. I would consider going long after a breakout/retest of 1.45.
usd/jpy traded inside the previous week's candle. The pseudo-harami that we are left with might suggest upside action but the close below the key level of 90.00, means it's no go for me.
The upmove of the past month or so from usd/chf seems to be petering out. However, 1.15 needs to be broken down before I'm tempted.

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