Friday, September 25, 2009

Euro Head and Shoulders?


Maybe not just yet, that right shoulder looks a little scrawny.
BUT taking out that horizontal support at 1.4610,  will no doubt provide the selling momentum that takes the Euro through the .382 retrace point of the last months move up. And take a look at the 50% retrace point, getting through that will indicate some serious weakness.
Of course if it is a Head and Shoulders pattern, breaking the neckline projects to about 1.4350
And there are A LOT of Euro longs.

No comments:

Post a Comment