Monday, March 16, 2009

03/16/09 Forex Market Comments

As mentioned on Friday's post, both euro and pound did breakout. The tricky part is before the breakout, there were shaken outs on Sunday afternoon. Both breakouts happened at 3:00am, and reached daily high before the US session. Euro also made a new high in 20 trading days (H20). The whole US session retraced back and found support at Friday high. Both euro and pound formed a nice up channel on hourly chart. It might be an opportunity to enter long position when the retrace touches the lower bound of the channel.

Japanese yen still stays at the top range. And today is a NR7/ID (narrow range 7 and inside day). If yen does breakout, it could challenge the key 100 level.


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