Friday, February 19, 2010

Euro .618 Support

The .618 retrace of the long term B wave up from 1.2324 to 1.5140  is at 1.34. That is no doubt providing support here. A settle under that level would obviously be a very negative development  and go a long way toward confirming the lower C wave targets of 1.28 and 1.14.
click to enlarge
Short term, the rally off the 1.3440 level looks corrective. Overlapping 1.3654, yest.'s high would raise a red flag re a longer lasting correction to the upside.

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