Euro Technical Outlook

Published March 11th, 2008 - 05:19 GMT
Al Bawaba
Al Bawaba

The entire rally from 1.4438 could be complete at 1.5460.  Wave 5 exceeded where it would equal wave 1 at 1.5462.  It is possible that wave 5 extends closer to where wave 5 would equal 61.8% of waves 1 through 3 at 1.5635 but wave 5 would consist of 5 waves up if counted from 1.5143.  



This suggests that a major top is close at hand.  As always, 5 waves down from 1.5460 would signal that a top is in place.