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Old 11-16-2007, 10:50 AM
DailyFx's Avatar
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Join Date: Jan 2007
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Default Euro Completing a 5th Wave
Commentary: We presented an alternate yesterday but this morning’s price action suggests that the EURUSD is headed higher in wave 5 within the 5 wave bull cycle from 1.4015. The current rally could be wave 3 within wave 5 and a push above 1.4725 confirms that wave 3 of 5 is underway.


An objective is the 161.8% extension of 1.4520-1.4725/1.4582 at 1.4912. This outlook remains favored as long as price is above 1.4582.

Strategy: Flat
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