Thursday, June 16, 2011

Eur/USD

OK  the Euro just hit c=a at this mornings lows, and is bouncing....a little. Needless to say taking out this mornings lows, at 1.4039 negates the c=a idea and will presage a retest of the 1.3963 low of May 23.
Hourly
click to enlarge
The jury's still out, but given the volume and breadth across all markets yesterday, gotta think the lows will be taken out ...the question is how much consolidation prior to doing it we see beforehand. The .618 retrace at 1.4296 should certainly contain it at this stage of the game, and I would not be surprised if it's shallow.
There should be some serious running for the exits at the overlap of 1.3963.

Naturally the USD will be making new highs at that point.

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