Thursday, January 24, 2013

Here's Today's Pivot-In Fact the Pivot

This large triangle in the EUR/USD is more important than most might realize, it is the pivot that will almost certainly (95% IMO) guide trade and the fate of the bigger move. If there's an asset you want to watch today, it's the EUR/USD.

I don't know if this early signal is the signal or the start, but it is something, it is negative, the Euro is responding as is the market.

EUR/USD 1 min with a strong leading positive before the breakout and a negative now. I'm not so naive as to think the movement in the FX pair will be as clean cut as an up or down vote, that's what I've been saying the last several days about this, but with this negative signal, there is a palpable negative tone through all of the averages, not a hint of one, but very clear signals.

This is about the 3rd or fourth unique issue to pop up today, it likely won't be the last, but I do think it's one of the most important.

No comments: