Tuesday, May 8, 2012

Eur/Usd : Downtrend will continue

In the last post i was looking for price to break out to the downside and it did. The decline has stalled at the 1.3000 support level but should continue lower to finish a complete 3 wave pattern from the 1.3485 high. After this, price will probably retest the 1.3000 former support turned into resistance zone before resuming the downtrend which will eventually break the 2010 low at 1.1875.

Wednesday, May 2, 2012

Eur/Usd : Breaking out soon

Price has followed the alternative path in taking another leg higher. Now price is stuck between 2 contracting trendlines and a breakout to the downside is expected.