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Euro Technical Outlook Euro Technical Outlook
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Old 05-09-2008, 10:40 AM
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DailyFx is a veteran on the BabyPips.com Forums and is a great contributorDailyFx is a veteran on the BabyPips.com Forums and is a great contributor
Default Euro Technical Outlook
As stated yesterday, we are bearish as long as price is below 1.5594 (red line).


An unexpected move above there would cause us to reassess the situation. As it stands now though, we are treating the decline from 1.6018 as a series of 1st and 2nd waves (or A-B-1 and 2 of C). Price has stalled at a trendline this morning and the rally from 1.5283 is in 3 waves to this point.
STRATEGY: Bearish, against 1.5594, targets at 1.5050 and below 1.50
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