Euro market top, island reversal formation?

[Doji7]

looks like mkt top

 

[PaulRon]

I agree... very bearish on the euro right now. lets have a shorting party

 

[DrEvil]

Bearish? Last week the Eur/Usd weekly chart made an all time high close! Until the weekly chart says otherwise this is a pullback before further bullishness.

 

[Doji7]

Dr Evil

Imho

same thing in weekly charts, euro couldn't stay above 1.60
we will see in next few weeks if euro develop a top here

 

[Vickersa]

I'm back in at just over 1.58.

Just throwing this out there so someone can chide me if it's dumb.



--the newbie.

 

[Doji7]

euro tested 1.60 brick wall and fail

 

[PaulRon]

Wild day! Gold was up 25 and down 25 thank god I broke even...

 

[bhristov1]

Take a look at the previous break out over 1.5 that led to the big move 1.6. It tests a couple of times before finally shattering. The FACT that it hit 1.6 at all a second time let alone making a new high is VERY significant. Naturally people would take profit at record highs, but you cant get on the short train just yet. When it comes, it will be obvious, with huge impulse moves down as this pair pretty over bought.

 

[gartley222]

I don’t believe the top has come yet. Perhaps in the 66/68's..... Anyhow, we will need to wait for a significant turn in the trend before considering a top.

 

[AMT4SWA]

Quote from PaulRon:

I agree... very bearish on the euro right now. lets have a shorting party

I'm with you for this party....I have a few chips on the table. I am in the 6E at 1.5920 and up looking for the EU slowdown play to narrow the currency gap a bit.