The EUR is about to reach the first big target around the 200 week MA at 1.39 which is also the 61.8% retracement of the last big wave down. A 13 count should kick in above 1.38 and a 5-8 cent correction will start with a 'coincidentally' 8 Oct Venus retrogade date. I do think though that til year-end we have much more to go as the upcoming QE 2 is not fully priced in and USA wants anyway a weaker Dollar to push the economy or rather the profits of the big companies. Longer term we will also see the 1.50 level challenged again but that is rather a subject for 2011. It is interesting though that around the lows the - not so much that the usual suspects declared the EURO dead - but the Chinese and Russian political leaders took the liberty to declare that the Euro was about to collapse.
Tuesday, October 5, 2010
EURO update
The EUR is about to reach the first big target around the 200 week MA at 1.39 which is also the 61.8% retracement of the last big wave down. A 13 count should kick in above 1.38 and a 5-8 cent correction will start with a 'coincidentally' 8 Oct Venus retrogade date. I do think though that til year-end we have much more to go as the upcoming QE 2 is not fully priced in and USA wants anyway a weaker Dollar to push the economy or rather the profits of the big companies. Longer term we will also see the 1.50 level challenged again but that is rather a subject for 2011. It is interesting though that around the lows the - not so much that the usual suspects declared the EURO dead - but the Chinese and Russian political leaders took the liberty to declare that the Euro was about to collapse.
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