Thursday, October 28, 2010

Euro Update

Is the Euro move down over the last week finished or is there more to go on the downside? Is there more upside? The abc structure down from the highs suggests there may be one more higher high. BUT...
Daily
Note the MACD cross and roll over, as well as the RSI yet to be oversold.

Dec Hourly
click to enlarge
 Solid channel down, some sort of neckline underneath. The recent failure to make new highs is clearly corrective, and the action down yesterday looks like a 5 count. That last leg down labeled "a?" DOES equal .76 of the first abc down off the highs. However the MACD in the above daily chart , and time spent off the highs argue for another leg down perhaps to the channel support.

30 min.
   Lets see how this short term move up structures itself.
See what it looks like at  50%.  Starting to look a little tired already on the RSI.

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