Tuesday, October 5, 2010
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.
Posted by getagrip at 3:43 AM