July 2 2009 Midday Report
Written July 2, 2009 at 12:18 PM EST by Shawn Powell
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Hi,
I see a good sign for EUR/USD to make a move lower. What do you think, it is going to happen to open it’s way down ? (H1 candle is closing below key resistance 1.4011).
We are entering a holiday type market as most of financial markets in NY are closed tomorrow. So there is a concern about liquidity. From a technical standpoint there is resistance at the 1.4027 level. This level corresponds with the 200 hour MA. Above that is resistance at 1.4070 area. As long as the price can remain below these levels, the downside is favored. NOTE that the market has been largely non trending with little in the way of a trend. Having said that non-trends lead to trends so bias is down, but still waiting the trend to materialize.