I've been watching FXE lately, mostly to check it's intraday synchronization with the NYAD. In the process I've noted what may be an imminent change of character. . .a suspicion that was supported by Monday's negative mood on FXE and the slight positive move in UUP.Below the FXE and UUP looking a lot like a Rorschach pattern in their juxtaposition.
Monday's action was clearly negative with FXE testing S3 pivot support several times before finally closing a few pennies above that level. On the near term FXE may be on its way back down to the 119s if the technicals are any guide.
Below are comparartive 30 minute bar charts of the FXE and NYAD and you can draw your own conclusions about the similarities. Keep in mind that the scales of these two issues are substantialy different, but the 7/12 MA crosses are well aligned. Just as an edge to your intuition . . if the NYAD fades in early trading, the FXE is never far behind.
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