November 12, 2012

 
  • EURUSD at crossroads it could go both ways from here.
  • Close below the daily cloud will favor more bearish moves for EURUSD.
  • Daily close back above 38.2% or 200 SMA should give an up move for EURUSD.
 
 
  • ES Daily chart declining in a channel
  • Stiff resistance levels at 50 and 200 Day SMA.
  • Strong support for now at 23.6% weekly fib levels. Strong up move from these levels may test the resistance levels of daily chart. Not holding above 23.6% may lead to bigger falls possibly below 80 levels and towards 76 area.
 
 
  • ES bulls must cross 50 Hour SMA and 23.6% For continuing the up move. 
  • ES Hourly cloud may act as stiff resistance 

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore