EURAUD: Hot Technical Formation

Published October 20th, 2006 - 05:53 GMT
Al Bawaba
Al Bawaba

Current Price: 1.6623

 

The break of the neckline on 10/13 completed the 7 month head and shoulders pattern.  However, the recent decline from 1.7138 to 1.6566 appears to be in a full 5 waves.  Thus, probability calls for a corrective move higher before significant weakness materializes.