Tuesday, February 02, 2010

EUR/USD Bearish View

Above are EUR/USD monthly and daily charts. I tried to count the wave on monthly chart which suggest that the pair is on the third correction wave (c). The bottom of wave 4 is at 1.1639, just between the 50% and 61.8% retracement level of 0.8225 to 1.6037.

On daily chart, the pair already broken 61.8% extension of 1.5140 to 1.4217 from 1.4577. The 100% projection is around 1.3660 and 161.8% around 1.3090. Set your stop loss and let the pair fall guys!

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