Tuesday, November 24, 2009

A test of the highs should be coming

While the extent of the next move up is still in question, it appears that we should have at least a test of the highs if not new rally highs. The .786 retracement counts as a test of the prior pivot and that comes in around 1109/1110. This should be hit tomorrow morning.

The swing high target is 1118, so the bulls keep it going then we should see a strong trending day all day tomorrow with light traffic.

On the downside, the bears need to retake 1100 and 1098. A break of the first should pretty much break the 2nd. The gap did not fill today, so right now my bias is up.

The EUR/USD continues to bounce back and forth. Whatever way it breaks should bring the market with it.
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