Euro Technical Outlook

Published April 23rd, 2008 - 05:10 GMT
Al Bawaba
Al Bawaba

See yesterday's chart for the count from late last year.  The rally from 1.5342 is wave v.  Wave v (unfolding as a diagonal) would equal wave i at 1.5953. 



Obviously, the high has exceeded this measurement  It is possible to count 5 waves in a diagonal from 1.5342 to 1.6018 with the last leg of the diagonal stopping near the line that connects the tops of wave i and iii of the diagonal, so a top may be in place.  Coming under 1.5712 would confirm that a top is in place.  Be sure to check DailyFX + for alerts.