Sterling is technically, bullish. My last blog which was the 29th of October, why? not much volume developed, last week the trend was in Greenback favor hitting 1.5880 Thurday 11/3/11 before bullish volume returned.
Ok, Sterling has a fundamentally High volume release on Thurday 10th, rate decision! 7:00 A.M. est., before the recession I would say, bullish Sterling all week through the decison, and yes, I'm saying, bullish Sterling all week through the decision. Watch the volume after the release, a rate hike (HAWK!) would hit, 1.6250+fast....
Support for Sterling, 1.6085, a bullish Sterling hits 1.6174 next level, 1.6141 and finally 1.6120. If Sterling doesn't find support at 1.6085 it may bear to 1.6050 continued beared volume would hit, 1.6029 and finally 1.5996. Now if you read my last blog from also a week ago the technical levels are about the same, this is good basically what has happen is a med-size double-bottom, it take the form of the letter "W", meaning! BULLISH!
Euro, ok well the fundamental, geo-pol talk push the Euro down big over the past week, I'm just going say about 300 pips below my final technical point hitting 1.3607. That's a surprise!, but the Euro continues too find bullish support.
Support for Euro, 1.3797, a bullish Euro hits a high of 1.3918, next level is 1.3873 and finally 1.3844.
If Euro doesn't find support at, 1.3797 it will bear too, 1.3750 if trend continues in the same direction, 1.3721 and finally support at 1.3676.
Trade with the trend, have take profit points, and stop-loss levels set, trade with the trend.
Thank you for your time and have a great day...
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