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The following Monthly chart of EUR/USD Forex pair shows that price has been bouncing (generally) between 1.15 (dotted yellow horizontal line) and 1.08 (solid yellow horizontal line) since February of this year.
At the moment, 1.15 is defined by a confluence of a Fibonacci fanline and a falling trendline…1.08 sits around the lower one-third level of the large price range between the 2000 lows and the 2008 highs.
Although the Emini S&P 500 plunged beneath the lower-support boundary line of its Apr-Jun price channel at 2070 and then followed through to the downside to slice beneath a cluster of its prior significant June pivot lows at 2061 to 2062, the selling pressure managed to abate just north of the most critical recent low at 2050 established on May 7.
Purely from a technical perspective, the fact that the index recovered sharply after a near 1% penetration of its lower-channel boundary is the first sign of a potentially meaningful low in progress.
That said, given the ongoing headline risk, we cannot and should not rule out another swoon or two in the upcoming hours that retests the overnight lows. If the tests are successful, then the likelihood that the e-SPU has put in a significant corrective low increases substantially.
Originally published on MPTrader.com.
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As I promised, I wanted to do a post that had nothing to do with Greece or charts, just for a change of pace. Because I don’t know about you, but after the past 72 hours, I’m exhausted!
One of my favorite “fun” books is a 1995 offering called Hey Skinny!, which is a collection of full-page color ads that were published in comic books in the 1940s and 1950s. I’ve thumbed through the book many times, but it dawned on me that even though we live in an age where a product released a month ago is “ancient history”, these artifacts from six decades ago still speak to the same immutable human desires (which are basically to acquire resources and protect them). There are analogs for just about every product in this thin volume.
