Tuesday, November 1, 2011

Price stall

Price has stalled out recently above these short term trendlines I had earlier. What little break above there was, was very short-lived and not all that convincing, although for the last hour, price is managing to get rejected above this confluence. Now the real barrier to upside movement is this 1.3730 price level. If price breaks into the shorter term channel  below we might see another wave down beginning. Action is a little boring right now as on average the difference between the open and close prices for these candles is about equal to my broker's spread. Probably time to just get some sleep and wait for London/Frankfurt to get the market moving again.

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