Sunday, March 14, 2010 5:11:23 AM
EU 4 Hour Chart for next week. Seems that the general consensus is that Euro will go to the 1.40 area before the next wave down. I think that is possible but there is still room for up and down movement on the way there.
I have set this chart up using the values since this corrective wave 4 started.
There has been an ~400 pip range. The fib (black) is based on this. The fib (light blue) is based on Mar thru Dec 2009. Pivot/R & S levels are based on the current wave 4 high/low. Daily trend is purple, 4 Hour is red.
The vertical lines are placed where SSD K (blue) crosses below D (red), The avg retrace has been 171 pips.
The avg retrace from the high to the 20EMA (white) has been 113 pips and the avg between highs and lows has been 242 pips.
Based on the above info I am anticipating a return to the 1.3620 area early this week before starting the trek upwards.
I have set this chart up using the values since this corrective wave 4 started.
There has been an ~400 pip range. The fib (black) is based on this. The fib (light blue) is based on Mar thru Dec 2009. Pivot/R & S levels are based on the current wave 4 high/low. Daily trend is purple, 4 Hour is red.
The vertical lines are placed where SSD K (blue) crosses below D (red), The avg retrace has been 171 pips.
The avg retrace from the high to the 20EMA (white) has been 113 pips and the avg between highs and lows has been 242 pips.
Based on the above info I am anticipating a return to the 1.3620 area early this week before starting the trek upwards.
Hope we all have good trading days!
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