- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Tuesday, 14 December 2010

EURUSD breaks up

That was a very nice setup for the bear side yesterday, but sometimes it just goes the other way. EURUSD broke resistance and the trend there is now up until demonstrated otherwise. I capped a chart this morning and was expecting the next move on EURUSD to be down towards rising support, but since then it has broken resistance again and the next obvious target is 1.36:

That leaves the situation for an short term equities correction looking somewhat doubtful though the ES rising wedge I posted yesterday is still hanging on, just about:

The wedge has also broken and retested on NQ and might yet play out:

If equities and EURUSD break up today I do have an upside target on ES. That's based on a rising wedge on the daily chart from the summer lows and the target would be 1258 on ES (March). The chart is a longer term chart in the continuous ES feed which is still priced on ES Dec:


IWM is looking interesting. It hasn't quite made target though RSI is looking somewhat bearish. XLF looks similar as it has also not quite made the obvious target:

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