FNArena has added another video to its Investors Education section on the website. This week, ATW's Jerry Simmons takes a new look at the EUR/USD, noting it has completed a five wave move, taking out a pivot low in the process. The question he poses is: will the euro be able to hold this week?
Jerry sees a high rated support in the 1.2270 area, with the next zone down at 1.220, after that it's a ways down to the next level in the 1.185-1.197 area. If we were break out below the Jan 1st low, Jerry sees it as a great place to set a short trap, so be careful, he warns.
Other than that, he notes a major low was reached back in June 2010 and there could be some seasonal relationships with a double bottom move in June-July, which could prove significant.
Of other instruments, Jerry points out daily crude exploded to the upside last week. That said, he notes it's now sitting at a dual purpose trend line and both have pulled back. The natural gas daily chart is showing a double bounce is in place. However, he sees chance of a potential pull back to the area of 2.64-2.73.
The Nasdaq futures is currently sitting on a 2595-2600 support zone, with the next zone down in the 2570-2580 range. As long as there's no break below 1.22, Jerry thinks a breakout down won't be confirmed.
To view the ATW Strategic Prep Video click HERE or visit the FNArena Investors Education section of the website.
Here's the direct link: http://www.fnarena.com/index2.cfm?type=dsp_front_videos&vid=91
All views expressed are Jerry Simmons's, not FNArena's (see our disclaimer).
Jerry Simmons has over 25 years of full-time trading experience. He is the senior partner and head mentor for the "Masters" Programme within the education system at New York based Advanced Trading Workshop (ATW).
FNArena is pleased to have Jerry Simmons as a highly valued contributor to its service which aims at both educating investors and assisting them with their own market analyses.
The above mentioned videos can be accessed via the FNArena Investor Education section at http://www.fnarena.com/index4.cfm?type=dsp_front_videos)
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