Thursday, October 7, 2010

The next point of resistance

The euro rally has been relentless, blowing through all possible resistance as if it didn't exist. So now we're at another point of possible resistance. Round number resistance 1.40, the 100% fib extention at 1.4045 and the 61.8%, which is allready being passed but could still offer some resistance. From an elliott wave point, it looks as if wave 3 of c of Y is finished now and we should expect a small wave 4 and 5 to complete the wave Y at the 100% fib. Beware of the NFP tommorow, it could bring big moves like it always does...

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