I've referred to a "Blue Triangle" formation on the TF in several posts over the past few weeks...it's shown on the
4-hour chart below. As can be seen, price returned to one of the triangle trendlines in play today (at around 800.00ish) after finding support at a parallel trendline (yellow) (at around 770.00ish) last week. This triangle trendline is in between the 50sma (red) and the 200sma (pink)...price may bounce around in between these two moving averages until either a new uptrend forms, or the downtrend continues.
For a clue on what the
TF does tomorrow
(along with YM, ES & NQ), it's probably worthwhile watching
EUR/USD to see if price makes it (and holds) above near-term resistance (the 50sma--red) on the
Daily chart below, or whether it falls into decline once more...
"The recession has hit everybody...CEO's are now playing miniature golf."
Author--Anonymous
