As expected the EUR has found at least a temp bottom and this time it will exceed the 1.27 level and has a target of 1.30-2. This can be a wave 4 count up or an ultimate turn but the probability is rather 60% for temp. turn for the time being. As we clearly will have another leg down in stocks in the next weeks that might be induced by more problems in Europe but also can be triggered my many other potential geopolitical crisis nukes. Nevertheless in about 3 months from here the Euro crisis will shift back to a Dollar crisis ( that is what astro says as we have a lunar eclipse on the FED chart). The mantra for the Euro is buy any weakness for now as soon as the 1.2450 resistance is broken we will rally to 1.27 and 1.30 thereafter.
Friday, May 28, 2010
EUR weekly update
As expected the EUR has found at least a temp bottom and this time it will exceed the 1.27 level and has a target of 1.30-2. This can be a wave 4 count up or an ultimate turn but the probability is rather 60% for temp. turn for the time being. As we clearly will have another leg down in stocks in the next weeks that might be induced by more problems in Europe but also can be triggered my many other potential geopolitical crisis nukes. Nevertheless in about 3 months from here the Euro crisis will shift back to a Dollar crisis ( that is what astro says as we have a lunar eclipse on the FED chart). The mantra for the Euro is buy any weakness for now as soon as the 1.2450 resistance is broken we will rally to 1.27 and 1.30 thereafter.
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