Wednesday, September 23, 2009

Euro Update Post Fed

Euro not liking the Fed announcement re MBS support. And after such a great move too.
The fibonacci retrace points will each be consecutively more damaging as they are taken out.

Shorter term it's holding a 50% retrace of the very last 5 wave. The .618 retrace of that is about at the same level, 1.4690, as the .236 retrace of the greater structure pictured in this chart.

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