And There it Is!

Take a look at UUP this morning. Here's yesterday's update  and the updates the last few days I've suspected this was a false breakdown and a false breakout in FXE.

As you know I'm midterm bullish the dollar vs the Euro and this breakdown below obvious support is now confirmed as a false move. These false moves tend to reverse pretty fast and can run up pretty quick.

This is also a prime candidate lesson of how even in the FX markets, technical analysis is used against it's practitioners as many would have placed stops just below or at support and probably placed the stops with their brokerage which means Wall Street can see your cards. This is why I never set any orders except mentally. Keep an eye on UUP for further upside, FXE for further downside.

Here's the 3C chart

 For newer members, see yesterday's analysis linked above as to why I suspected this was a false breakdown. Here on the 15 minute chart, 3C did not register distribution on the break-in fact there was a positive divergence.

The 5 min chart shows the accumulation taking place below support and the move today is confirmed.