Sunday, October 19, 2003 Hello everyone, hope you are all having a great weekend! Here's what I think on market after Firday closing and before the opening... EURUSD: This is the first week since beginning of September (when we reversed @ high 1.07s) when we didn't see new highs. At the moment I have doubts whether we even get to retest 1.19 highs, because the move seems to be running out of steam. But we still may see another try to go higher. Lets take a look at daily charts. Last time when we corrected, it was to 1.1530 level, and we bounced from there on till this week when we went on FRIDAY as low as 1.1545 and bounce once again. Well, from the first sight - trend up is still in place - we got higher highs (after correction to 1.1530 we got +1.18) and higher lows (on the second correction we got 1.1545). I stressed the word Friday in the last sentence because Friday trading has some differences compared to rest of the week, and therefore what we see on Friday should be taken with skepticism. We were on seloff from the beginning of the week, and those who took short positions during the week were closing the shorts. No one wishes to hold shorts when we had such a strong upside move of 1000 pips from beginning of September. There were several more reasons to that Friday upside move, but that is not as important. The more important question is: what next? Well, I don't know what you think, but I will try to sell first thing on market opening; maybe even during the first Asian session, maybe little later during the day. There still is a chance we try to break up, and if we look at the chart, we see the possibility for right shoulder on h&s pattern. Will it happen? We will just have to wait and see. Anyways, if selling, I will have to move stops promptly because another attempt to break upside may not be ruled our yet. If we break upside, I will be considering to buy later during the week. No signals for buying at the moment.