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Friday, May 20, 2011

Trend for 21st of May 2011

In the short post I just wanted to pay your attention to eur/cad bearish pattern. Look at one hour chart and I hope you will see what I see. This is a very bearish head and shoulder structure. It may not justify itself, but if we take into account only technicals, the pair looks extremely bearish. So, negative news for Canadian dollar strengthened Euro against it only short term. It formed a reversal structure (head and shoulders (discuss it quite soon) and is likely to collapse next week. If you studied a 4 hour chart you would see that it is sitting on previous resistance. It is support now, but the support looks very fragile.

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