Waiting for my flight
Im at the airport having missed my flight thanks to an accident on the M25 so as I have 4 hours to kill I thought I would do an update.
NFP was not good for the US hence the Dollar plunge and subsequent rise in the Euro on Friday. Most of this week we have been awaiting the NFP data and when it finally came we still have not managed to get a direction. I realise the Euro has shot up on Friday but it has not done anything new. It has not broken 12980 resistance because the momentum ran out toward the 12900 area. In addition the Euro closed below the 12900 figure which doesnt hold well for much more bullishness.
In my opinion, unless the price was to firmly break the 12980 area, we will either go range bound or down. My personal opinion is I think we will go down based on all the above and if you take a look at the chart, we currently have a possible turning point with time. However, I am not around now until Wednesday to see how we get along so good luck in the coming week to you all.
Please ignore the fib price numbers on the chart as they are incorrect. The fib time are ok though. To project the correct fib price, take the high from June 5th 2006 and drop it on to he low of July 20th 2006 and you will see we just marginally missed 0.886 fib (12921) on Friday.
Have a good week.