Tuesday, October 19, 2010

Euro Update

From Fri Oct 15,  All About FX
"At least in the short term it appears to have a -5- of 5 in place at the mornings high.
And 1.40 looks like support that needs to hold. " Broken and retested. Additionally today it overlapped the beginning of the last leg up from Oct.12th.

click to enlarge
In the short term it looks like it is in a 3 down beginning from the 1.40 resistance. Of course, if it traces out 5 waves down from 1.415, it will be a very strong indicator that the top is in place.
A 4 should not overlap the 1, so 1.3823 acts as an early resistance level on the above chart.

Longer Term a similar set up exists;
 Dec Daily
So far there are only 3 clear waves up off the lows ( I count as an abc); bulls do not want the termination of the 1st wave overlapped at 1.3325 (also a 50% retrace of the last leg up). Nearer by support , the Fibonacci .382 retrace, is at 1.3554.

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