As for the US index that level of EUR/USD will give 81.2-81.4 that is a 50% correction of the whole index's move from November '09 lows to June's '10 highs.
Thursday, July 29, 2010
An important junction on EUR/USD
EUR/USD is approaching an important junction, shown on the chart. The upper trend line before we crashed in May's panic and the 38% retrace of the entire move from 1.515 to 1.188. Moreover this resistance level is consistent with my short term Elliott Wave count.
As for the US index that level of EUR/USD will give 81.2-81.4 that is a 50% correction of the whole index's move from November '09 lows to June's '10 highs.
As for the US index that level of EUR/USD will give 81.2-81.4 that is a 50% correction of the whole index's move from November '09 lows to June's '10 highs.
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