AI
Friday, May 26, 2006 11:39:52 AM
I don't think it's any coincidence that the euro stopped where it did. Here's a snapshot of a longer term weekly chart.
For those who are new to trading and/or technicals (I know you're a seasoned veteran Dr. Despot), we're waiting for a confirmation of this head and shoulders pattern. The way to play it is to wait for a break of the neckline (about 1.17 or so) and then play it down the distance of the shoulder as your first exit target.
At the very least...this longer term pattern will help us to determine some very strong resistance levels to the upside.
For those who are new to trading and/or technicals (I know you're a seasoned veteran Dr. Despot), we're waiting for a confirmation of this head and shoulders pattern. The way to play it is to wait for a break of the neckline (about 1.17 or so) and then play it down the distance of the shoulder as your first exit target.
At the very least...this longer term pattern will help us to determine some very strong resistance levels to the upside.
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