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Friday, February 24, 2012

EURUSD update

Right now we have EURUSD at 1.3410. This is the .618 of a(dark blue) so I expect to have some kind of retracement here, or at least to play with this resistance for a few more hours. After we break through this resistance today or next week another important level to watch is the 1.3595 which is 50% of the whole move for wave A(light blue). Next we have 1.3670 where wave c(dark blue) equals wave a(dark blue). Last possible level for reversal is 1.3815 which is 61.8% retracement of the whole move of wave A(light blue). But lets not get carried away and  concentrate on the 1.36 area for now. Right now EURUSD is in overbought territory so we might go to around 1.35 area today, but this is kind of my high for today 1.3485-1.3500.

Good luck:)

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