Thursday, June 10, 2010

Monday follow-up to the Euro bounce

Monday's Barron's Online column was entitled Ready for a Positive Euro Surprise? and here is a chart to add to the case.

It's a typical Quick Takes Pro read showing a potential rally first to the 20-day moving average at 122 and a long-shot extension to resistance at 125. Bullish RSI divergence, falling wedge breakout and, from Monday's column, really lousy sentiment.

I am not making a trade recommendation here so do your own research. 

1 comment:

Will said...

Right on Mike,

You can look at all the "the dollar is doomed" articles of just a few months ago, cut out FED and DOLLAR and replace it with ECB and EURO. The pessimism is getting palpable. Daily sentiment index is near record lows for the EURO...