6E Euro Futures Update

$6E_F H&S targets inside "Key Swing Low" Every rally has been sold as stair step lower continues .382-.50 N Jeopardy

Euro Futures 6E stair stepping lower into support

The Euro for the last several trading sessions has entered a key support zone, along with testing and holding a key pivot low from early December. The key reversal bar that occurred during last Fridays session is somewhat concerning for the bulls. But if this future can sustain trade within the zone & start basing out and break its series of lower highs and lower lows along with a trend-line break a new upside objective will be in place. Notice the objective completed on February 1, 2013 and that was the high for the move. Majority of the times when the target is reached moves tend to terminate or at least pause at the objective. The organized light blue trend line with 5 touches assisted in turning this future south.

MCD Daily The "Confluence Cross" Marking the Spot

Today the "Confluence Cross", Marking the Spot in our last MCD post occurred and we saw $MCD put in a head fake above point #2 just to sucker in a few fresh longs but then to reverse to squeeze these new longs out of there positions. Now we are seeing a shift in pattern  and a 2 day key reversal bar unfolding. In the next coming sessions I expect $MCD to see continued weakness and selling pressure as this move targets $91 for its 1st objective and a break of $91 targets the lower extreme of the range.