Back to today's message of the market... I am looking for interpretation of today's developments in forex and treasuries. So I was going to write another one of my long market updates, but decided to refrain from sounding my biased opinion, and just go with the charts. I am sure there will be no objections here.
Euro bounced off of the long-term support, aided by Draghi's flawless performance. All problems in Europe are fixed, and the Earth is square. Inverted head and shoulders with successful backtest of 150 day sma may prove to be a good long entry.
U.S. Treasuries are at trendline support inside the massive rising channel. Yet another bull flag has formed. You have to be brave to buy them here, but Bernanke & Co. are on your side with $85B of help each month.
click on charts to enlarge |
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