Here’s the view of the 240-minute EUR/USD within the lookback of six weeks. The “lookback” is the amount of data I like to look at for a specific time frame when I am doing my chart analysis. I like a minimum of four weeks but four to six will work on the 240-minute chart…just don’t fall into the trap of “more is better”.
What I’m looking at mainly from this view is what the direction of the 34EMA Wave is…it’s heading lower at four to six o’clock which means it’s in a downtrend. I’m waiting for a bounce to short a correction higher.
The 34 period EMA low is at 1.3575 which is where I am waiting for resistance. I’ll look for a short between 1.3575 and 1.3600. The market has been exhausting around 1.3567-1.3569 so that could be an aggressive short.
The EUR/USD chart has been bouncing along support between 1.3462 to 1.3443. Also watch for 1.3500 major psychological level support.
Having struggled with the $83 level for yet another week, oil finally collapsed under its own speculative weight Friday. Suffering the biggest daily decline in six weeks, crude has once again shown which direction volatility and momentum are better suited for.
* U.S. December payrolls unexpectedly decline 85,000 * U.S. December payrolls unexpectedly decline 85,000
