JPM is trading higher on the session. Watch the 44.80 level as the first line of resistance intraday. Should that level fail to hold the 45.00 double top would be the next resistance area.
after failing at the 61.8% retracement, the eur/usd is still maintaining its lower lows and lower highs...bear flag pattern. The pivot S1 is acting as support in the interim and one should look for a pull back of 50%-61.8% once we put in a bottom in order to trade back up to the downward sloping trend line.
If we break this trend line to the down side then one must assume it was a false break out above 75.3 ....and the market dollar index found resistance at 75.4 which coincides with pivot R1
I have posted a chart of oil, 60 min time frame
We have a downward sloping trend line, In order for this to break we need to see EUR/USD above 1.5040. One can remain shorting this instrument and have stop loss above the trend line provided EUR/USD remain at bay, but any sharp appreciation above 1.50 then one would certainly remain cautious.
The EUR/USD is looking bearish unless we get above the inside bar, upper body of the candle is 1.500
it is printing lower lows and lower high's at present, we have upward sloping trendline that has been negated and now we have put in a downward sloping trend line
candle close < 1.50 then it remains bearish
candle close > 1.50 then we are bullish again
safe stop loss on any short's would be 1.501 ...........in order to play the inside bar, but please keep watching your dollar basket . breach of 75.3 on dollar basket and EUR/USD really gets bearish
Keep an eye on oil too Folks ...........can we hold $79 and yesterdays low $78.65
Watch this Gap.............range is 1106 - 1092
I mentioned this level to one of the individuals I was mentoring today on the S&P 500
We reached 1106(1105.4 to be precise) today and failed miserably
If we get a breach of 1106 then 1120 is the next target that all the technicians are talking about, the Fibonacci retracement of 50%.
