THE DOT - if this turns orange or red be alert

Tuesday, February 16, 2010

EURTRY update

The weekly EURTRY chart shows that 2.05 is a clear strong support on a horizontal trading range approach as much as in the current trading channel. As the Eur is due for a bounce now it seems a low risk trade to go long EURTRY with a close stop it should be a good trading level.
We had a seq weekly 13 at the last top and made a classic 9 count correction a test of 2.15 is the first target as we will have to go through a second big EUR weakness in the 2nd Q. of 2010 heading for 1.25 against the Dollar but first a corrective wave towards 1.40 is due. In a bigger count context the current wave down in EURTRY should have finished wave 4 down. Wave 3 up was exactly 1.38 times the length of wave 1 up and wave 5 up should target 2.50 within 3-6 months.

No comments:

About Me

I am a professional independent trader