HighSky (HighSky)
Currencies  |  January 18, 2013 14:56:00

Time for Friday's profit taking?


As the main currency pair EURUSD, the stock markets have several exclamation marks that might somewhat discourage further bullish thoughts. Shown on the chart EURUSD obviously a huge majority of traders see the current distance of 100 or 200 daily averages of equilibrium and therefore is still a great disparity between long / short positions retail merchants.

eurusd, daily comment

Almost two-thirds in short positions against the long course, one can further assist rather euro. However, if we waited quick profit-taking, and this ratio may begin after weeks again more balance.The graph is also evident pětivlnový growth, which can now be passed and could now follow třívlnová frequent correction zig-zag, or a triangular formation (ie the side of the trend).

On closer layout last sequence of growth of the euro since the beginning of this year we record, we see according to Elliott textbook growth pětivlnovém movement when corrective phase 4 stopped at the border frequently return 38.2 Fibo, then give us a few showed almost double peak (a mere 5 points was not reached).

eurusd, daily comment

The stock market showed broad index S & P500 yesterday's session due to a new peak, which slightly beat the indicated resistance.

eurusd, daily comment

Even so, the trader should beware of fake, even a short breakdown, which often triggers a wave of stop loss orders and then the index can also relax on the other side. There are still big exclamation marks in the form of the previous gap at the beginning of this year, which still remains open, which further indicated by divergence between price and the oscillator, the oscillator is pointing down, and finally that the new peak in the S & P500 nekonfirmují other two major U.S. benchmarks, thus Dow Jones and Nasdaq.

Josef Kvarda, Analyst

HighSky Brokers, Inc.

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