Bearish formation across the indices

it seems that bearish formation can be seen across the board, will it bring about a larger correction this time? anyhow, large bearish outside candles seldom fails. I would expect more corrections to come if we see a strong close by the bears this month.
*above is the monthly chart of SNP500 and DJIA

Bearish scenario remains intact with EUR/USD

The EUR/USD made a sharp turn down early this month following concern of possible contagion in the EU nation. Dropping on an average of 200 pips per day, the pair now trades below the april 2009 lows at 1.2836 at the time of writing. The immediate resistance would be seen at the 1.2880 area followed by 1.2900 and 1.3000 psychological levels, i would expect stale longs to liquidate again when it retest the 1.3000 area. EUR/USD now is bearish and further pressure might be expected in near future unless we see the pair trades back well above 1.3000

EUR/USD bounces from 1.3200

Back from Hong Kong ! been on vacation last week, so blog was not updated. The pair made a brief dive towards the 1.3200 important support but bounce back after buyers came out to grab cheap EUROS. The economic indicator seems to suggest recovery is still on track and with Greece default abated, traders are now cautiously optimistic on the outlook. expect more short coverings here.

Greece sells more T-Bills than expected, putting a floor on the downward pressure in EUR/USD

The 4 Hourly chart shows that the bulls were able to keep the pair afloat above the support following good sales of T-Bills from Greece. A temporary floor might be in place for the pair now. So far, i'm still neutral on this pair but bullish on the prospect that EUR/USD will attempt to retest the prior high at 1.3700

Greece won 45bln Euros, easing the pressure on EUR/USD for now

The EUR/USD rallied today gapping above an important resistance line at 1.3600 following good news for Greece with the 45bln euros aid package. The pair now trades around 1.3640. I reckon the next important resistance at 1.3850 area will again be tested. Support is now seen at 1.3430 and 1.3260 area. Technically, the Bulls seem to be in charged for now. For the bulls to take total control, the resistance at 1.3850 must be taken out and the pair must not break 1.3250 area for this upward correction.

How to trade the H&S pattern on 5th April 2010

The H&S pattern which i posted earlier unfolded nicely last week. The pattern brought about 2 entries by taking H1 Outside Bars as signal candles. The 1st entry came about at the right shoulder of the H&S pattern with a nice Outside Bar pattern and the 2nd entry came about at the break of the neckline of the pattern. Both entries carries high R:R ratio if one were to be patient enough to trail their stops as each swing highs form in H1. From the graph there are a total of 4 swing highs formed before we eventually reach the bottom of the trading range. As each swing forms, stops will be tighten to the last swing high, so following this you will be moving your stops down with the trade for atleast 4 times before it gets taken out making a massive gain.

A threat to the livelihood of the bears in EUR/USD

The EUR/USD made an impressive short covering rally at this week close following good news for Greece bailout efforts. Techinically the bear trend seems to come to an early threat with the pair lingering at the walls of the bear channel. If the pair do breaks free from the channel and challenges the next 2 important resistances, the livelihood of the bears might be at stake. Important resistance to watch for :

1.3600 & 1.3850