In my view, GBP will continue to go for a retracement. A good short will be at the first retracement line at 1.946.
The EUr will be at 1.3135.
Therefore a good time to place a short position to that levels
Wait to see if a rebounce at the support line before taking the next action
Monday, December 11, 2006
Friday, December 08, 2006
8 Dec Daily Assessment
GBP and EUR both goes into a retracement.
It is an obvious U-turn as seen in the chart. Both WMA5 is negative, plus WMA8 has cut WMA5.
It may be a short retracement or a breather before the uptrend continue again. A good support line is for the GBP is around 1.950 (using EMA21 as well as fabonacci retracement). For the EUR is is around 1.316.
I don't expect today to have any big candle body formation for the GBP - a doji. I will be expecting a black candle formation for the EUR.
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