Saturday, August 27, 2005

Weekend Analysis

This week hasn't been the prettiest, but it did move according to my charts from last weekend's analysis. Below is a 60 minute chart as of today but with my lines from last week. You can see that when the Euro broke the upper band of the downtrend it continued to move up. Granted, it wasn't a huge move up, but it did move about 100 pips.

This next chart shows the weekly high and low and where the price is at the moment. As you can see, there is no real trend direction. At the moment it looks like the Euro is bouncing off of the weekly high and could head back down towards the weekly low. However, a break in the weekly high could signal more upward movement for the rest of the week. I think the weekly high will be the make or break point for next week.

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