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eternalfuture · 02-11-2003, 22:56

Rezo + Sergio,

After closing the week and the month in a 'bad' shape, euro seems to be bound for more losses against usd.

Rezo, I've mentioned about the similarity of the double top at 1.1932 with the latest tops at 1.1860 and 1.1857 for a few times. Now, after looking at the weekly chart, i'd say the odds are now stacked AGAINST euro. Perhaps, just like what you said, 1.1545 won't pose too much problem for euro bears anymore.

I've got even 1.1020 as my max objective of this fallout (76.4% fibo retracement from 1.0760-1.1860). But... let's not get carried away. For a few days ahead, especially today, we'll see how the bulls still have commitments in taking euro back upwards.

Combined with weakness against gbp, it looks too heavy to go up.

However, all is not lost, for the breakout point at 1.1545 still intact.

We'll see how things unfolds for euro.

Cheers!

02-11-2003, 22:56	#8
eternalfuture Padawan Join Date: Aug 2003 Posts: 892 Downloads: 0 Uploads: 0 Rep Power: 0	Reversal of Euro Fortune? Rezo + Sergio, After closing the week and the month in a 'bad' shape, euro seems to be bound for more losses against usd. Rezo, I've mentioned about the similarity of the double top at 1.1932 with the latest tops at 1.1860 and 1.1857 for a few times. Now, after looking at the weekly chart, i'd say the odds are now stacked AGAINST euro. Perhaps, just like what you said, 1.1545 won't pose too much problem for euro bears anymore. I've got even 1.1020 as my max objective of this fallout (76.4% fibo retracement from 1.0760-1.1860). But... let's not get carried away. For a few days ahead, especially today, we'll see how the bulls still have commitments in taking euro back upwards. Combined with weakness against gbp, it looks too heavy to go up. However, all is not lost, for the breakout point at 1.1545 still intact. We'll see how things unfolds for euro. Cheers!