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Wednesday, November 02, 2005
Here is a daily chart of the December eurocurrency futures.
You can see that the market has traded sideways this past month in a tight range right at the low it made in July. Then the eurocurrency rallied quickly away from its low but now several rally attempts stalled at 121.80 resistance. This is telling me that the market has to go lower to attract more determined buyers. I still think the the next big rally will start from the 117.50 to 118.50 zone.