Thursday, July 8, 2010


EURUSD is very close to the top of its ascending channel and about to hit descending trendline resistance from the December 09 highs.  It is coming close to levels where I would not be surprised to see it pullback and do some back and filling before a move higher.
At 1.27411 EURUSD would have made two equal swings up from the lows and markets love symmetry ...

EURGBP is at that level too.  daily chart.
If we get a 50% retrace of the up move here we have a pretty good looking inverse head and shoulders (perhaps).  It is not my favourite pattern but on some currencies like sterling it works well.  If the 0.8380 high gets taken out then EURUSD is going to break out as well and the next resistance for EURGBP is 0.8425 and the 113 fib which is also close to the 50% retracement from the May high.  I still like EURGBP higher and I would buy the pullback.


  1. Hi Nic,
    Just listened to your interview. Well, it is Education for guys like me. Thanks for sharing.


  2. No problems, the other interviews are good too lots of different styles

  3. great interview, absolutely candid n charming.... just hope u havn.t created a monster here... Again well done, quite amazing that our styles are very similar,but... you have much more discipline. Thanks and keep it up.

  4. Thanks Bear
    I didn't start out with that discipline, I had it beaten into me ...