Euro Technical Outlook

Published August 14th, 2009 - 06:55 GMT
Al Bawaba
Al Bawaba


There is no change from yesterday…I am still expecting a EURUSD decline.  “The EURUSD has run into Fibonacci resistance in what may be a wave 2 top.  As focused on in recent days, the common topping area for 2nd waves is between the former 4th wave extreme and the 61.8% of the first wave decline.  The EURUSD has reversed from the top of this zone.  Favor the downside against last week’s high (1.4450).”