ZLBT Chats

Friday, June 4, 2010

ZLBT FX Select >>> The EURO and UK Pound (Cable)

EURO vs US Dollar
The euro formed a bearish pennant above short-term support near $1.22, warning of another down-swing. Downward breakout would confirm, offering a long-term target of parity*. Recovery above $1.27 is unlikely, but would suggest a bear trap.

UK Pound Sterling vs US Dollar
The pound is testing the new resistance level at $1.48. Respect would confirm the medium-term target of $1.38, but bullish divergence on Twiggs Momentum (21-day) favors a reversal.

No comments:

Post a Comment