June 3, 2013

  • EURUSD Daily chart testing 100 Day SMA. Recent attempts to cross this level has failed.
  • Daily chart at crucial fib levels.
  • Weekly chart shows price testing 38.2% Fib level. For a bigger up move to happen week must close above 38.2% Fib level. Weakness at the current levels may lead to a fall again.


  • ES is trading below the contraction triangle of one hour chart. But price is testing crucial support levels in four hour time frame. The range shown in second chart and rising 200 period SMA are crucial support levels. These levels has to be broken for a bigger down move to follow.
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  • Daily chart shows price near crucial support zone between 5930 - 5970. This level must be broken on closing basis for a bigger down move to follow.
  • Price also near 38.2% Fib level which may act as support.
  • Weekly chart has a big bearish engulfing pattern and overbought indicators But price is yet to give followup by breaking below 5936 levels.
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My Favourite Quote

"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