Wednesday, March 31, 2010

EUR/USD: The story remains the same...

Not much new to report. The primary count I am following is still intact showing us in a short term wave 2 of 5. The mention yesterday of a possible very short term 5 wave down was proven incorrect by the market this morning so it looks like prices will be heading toward 1.36 before completing wave 2 and entering the next leg down... wave 3.

See yesterday evening's post for the active euro elliott wave count:
3/30/10 EUR/USD Elliott Count

Caution should still be exercised due to the more bullish alternate being shown... that wave 5 is complete and we are entering a multi month rally that partially retraces the move down from 1.51+ that started last November. It would take a move above 1.3813 to confirm that this alternate more bullish scenario was in play, although a break of the upper trendline area surrounding 1.3650 would be an early warning sign.
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