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Interesting Rezo:
On the daily bar chart, EUR posted a perfect double top on 5/26 and 6/16.
Since then we have had a head and shoulders formation, with the target being around 1.0700, which was reached on 9/3.
Also, there is a trendline from the high of 6/16 running straight down the chart, although admittedly it was broken upward on 9/8. However, the little W formation lows that it made on 8/26 and 9/4 (which was made on the support line for the sideways moving market between 1/3 and 4/22), has almost reached its resistance of 1.1417 made on 8/7.
To summarize, the EUR has been trending down since its last double top on 6/16.
The lowest low of 0.8562 was on 1/31/2002 and the highest high of 1.1930 on 6/16/2003. Between 6/26/2002 and 10/25/2002 it moved sideways, consolidating and then took off. It did the same between 1/27/2003 and 4/22/2003. However the sideways movement between 5/26 and 6/13 did not consolidate sideways, but sank down to its old support. This gives a 50% retracement target to look for at least of 1.0246, below even Iris' target of 1.1080.
Peace.
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