Feb 22: Forex Trading Commentary:

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).

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