Friday, February 04, 2011

Euro Currency Update


Last month I commented about the bearish head and shoulders pattern that has developed  in the Euro and that I was looking for lower prices. Well as you can see I was totally wrong about the Euro's direction and did not see last month's rally coming at all. 

The red arrow indicates where I was bearish on the Euro and the blue arrow points to where the pattern failed which is a move back above the neckline. As of now I have no opinion as to where this market is going but will post if I see a low risk trading opportunity present itself.

3 comments:

Alan said...

Kevin, I hope all is well. As always, I appreciate your dedication. Channels on a weekly TF show the neckline was not the primary line from my perspective only. All traders who draw S&R / Channels will draw differently and in my particular case - this is my chart - for what it is worth.

http://www.screencast.com/t/R0lWOlkRv6V

Best Regards

Market Strategist said...

Its ok to be wrong. I had followed your blog for the past 2 years. You have certainly more rights than wrongs.

Anonymous said...

I think that one caught quite a few people off guard. Keep up the great work here Kevin.

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