Euro Technical Outlook

Published July 28th, 2009 - 06:24 GMT
Al Bawaba
Al Bawaba


A 4th wave triangle is complete and expectations are for an upside break through 1.4340 and then 1.4720.  Failure ahead of 1.4340 suggests that wave i of 5 (of C) may be complete.  A small second wave could reach 1.4035/85 (Fibonacci support) before the advance continues.  As such, short term traders may wish to trade from the short side the next several days.  Longer term traders should wait for a better buying opportunity.