24th May 2010 - UPDATE 07:57am
We have a banking holiday across many countries in Europe today. Already the momentum indicators are warning me that it could be a non-event trding day. "Search and destroy" sessions are hall-market with quick spikes in both directions but not real underlying trend. Never the less there are a couple of charts that look interesting.
Sterling Euro is setting up a pattern of a reverse divergence into the 61.8% retrace, which also acts as a resistance area. I quote the pair as GBPEUR, which you may quote it as EURGBP. Either way, I am looking for the current rally to potentially stop around the level indicated on the chart.
That's all for today. It is a quiet day so far....
Tom
The Market Map from yesterday: |
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| FTSE 100 Market Map Overlay | Dollar Yen Market Map Overlay |
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