Tuesday, July 26, 2011

Eur/Usd How high will the corrective wave go

There are different ways to count the rally from the bottom but i believe it is corrective. Price is now at the 61.8% fib retracement from the top, which could offer resistance, then again the trendline got broken to the upside, so that could be bullish. Price could go higher even to a new high ( in the form of a wave Z on the daily count ), so i prefer to stand aside and let the market clear things out. A break of the rising trendline would awaken my interest in a short position again.

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