ForexMentor AM Review Feb. 22 2006

The trend is still up on the daily chart for the euro,
further bolstered by the commercials’ COT sentiment
(read, bullish) on the pound. The ~1880 level seems to
find support at all chart levels. Certain key times of
the day (read, London close, Tokyo open, etc.) continue
to offer good swing trades, from a day trading perspective.
Of course, position traders will pay more attention to the
COT data, which comes out at 3:30 pm ET every Friday at
the site I reference in my course. Coming into today’s
session, price ‘knocked for the third time’ just shy of
the ~1930 level – at M3 (the expected high for the day),
read, M1/M3 day. A trendline break, just after the London
open, supported by good angle and separation on MACD,
facilitated a continuation of the swoon in price, which
saw a reversal in the form of a hammer at the S2 pivot
support level – just below the expected low (M1).