Euro 123

Good Evening Dynamic Traders,

Hope you all had a good weekend, for those in the UK hope you managed to keep warm in the chilly weather!

Welcome to the second trading week of 2009. I have analysed the Euro today and would like to share my thoughts with you.

The daily timeframe is displaying signs of a continuation. MACD is following price and the angle and separation are looking strong downwards. The price has passed a major Fib breather level and is now hovering over a RN. The chart below highlights the next support level.

Conversely, the 60 minute chart is showing a slightly different picture for the short term (as you may expect). We have reached a Fib reversal level though price has since retraced and is now heading back down towards the next reversal level. In summary this is showing signs of 123 and therefore it may retrace further.

I would like to pose a few questions crafted by one of my favourite speakers Keith Cunninghan for you to ponder on over the course of the next few days. Hopefully it will help you as much as it helps me.

1. What am I doing today to get what I want?

Enjoy!

Bijal Shah