Thursday, April 1, 2010

EUR/USD - More short term upside possible.

I am remote today so no charts with this update. I will post an updated chart with elliott counts this evening when I get back to a computer. Take a look at yesterdays update, "Ending Diagonal Speculation". With the persistent number of buyers over the last few days, and what appears to be ABC moves in both directions, I am thinking that this may be the top pattern. Key to this (ending diagonal) option is that the rally does not turn into a 5 wave affair. If it does, odd favor that the entire bearish (dollar bullish) move from last November is over for now.I will be looking to potentially short the euro again should it get near the upper trendline shown in the ending diagonal post yesterday.
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