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Eur/Usd...................
The run for the 5/26/03 High at 1.1933 is only 122 pips out after yesterdays 10/6... 1.1811 Daily High. An impressive Rally from the breakout at the 1.0900 basis. A strong Position/Swing/Day Trade North.
Their were four major Pullback Lows....
9/8..... 1.1059 basis
9/15 ...1.1140 basis
9/28 ...1.1398 basis
10/5 ...1.1536 basis
Good reference points on South Positioning....the 1.1500 basis has been the stongest burst upside of the move North from 1.0736....and an important central pivot point this year. The Peak High for a Double Top may be established in the next 3 days based on the May 1.1933 High....being that the Top's highest High was formed on the first phase of the trends rollover..122 pips is not that far away from this 1075 pip move .....1.1811<>1.0736. May even see a run for 1.20/+. The 1.1820 level will be the Signal for a run to test/break the 2003 Top.
Yet another canyon correction as was on 10/1 going South from 1.1736 to 1.1532 on 10/6 ...almost 200 pips... may be set before the run/break for a new Top. A break of the 1.17 to 1.1660 basis has downside potential to the 1.1532/00 level.
The gyrations for a Top will be in catching North/South moves quickly....the 1.1933 Top established a DailyRange average pip move up/down of 120/200 pips over 20 days...with its largest Range in the center of the two Major Top pivot points. High Range consolidation moves Up/Down for the Eur/Usd over the coming weeks.
Time the Trend.
Iris
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