Friday, January 13, 2012

Closing Bell

Carbon was struggling to break higher and gave up the ground as the Friday's session was coming to an end. The psychological 7.00 EUR floor was broken and the Dec12 contract closed just below 7.00 EUR.

No confirmation for the break higher still didnt trigger the trade, and at the moment it doesnt seem like an opportunity with high chances of execution. There was actually a better chance to enter the market but it would have been very short lived.

Carbon still didnt mark a new low below 6.85 - 6.90 a level which could potentially trigger a short trade; however a fat red closing candle could indicate this is the direction for the next week.

On the Forex market; EURUSD marked a new low since Autumn 2010 trading close to 1.2620 on the worries that many EU countries - including France with AAA rating - will be downgraded by Standard & Poor. EURUSD @ 1.2670 - acting so far as a support - can turn now into a resistance in this pair. Time will show.

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