MoneyTec.com Traders Community Forum - View Single Post

eternalfuture · 03-11-2003, 22:18

Rezo and all,

Well, as expected, not much fight given by 1.1545-1.1550 yesterday.

Today, I don't think it won't be much of a different story than yesterday.

Downward pressure still there, but near-term bounce still likely. I don't think it will bounce far, though. On a daily closing basis, 1.1440 provide temporary support for now, although it was pierced on the hourly chart yesterday.

There is 'window' support at 1.1382, which would also offer some support for euro.

Rezo, maybe the recent double top at 1.1860 & 1.1857 isn't the similar pattern like the one that we have at 1.1932/1.1931. Maybe this current drop is equivalent to the move 'BETWEEN' the 1.1932 & 1.1931 tops.

If you look at the chart, after the top at 1.1932, euro was down to 1.1625. And before that 1.1932, there was also a 'window' at 1.1589 (16th May 2003).

What I'm trying to say is that current fall was equivalent to the move between 1.1932 and 1.1625 rather than 1.1931 to 1.1110 (16th July 2003).

If this is the case, then a move back to 1.1800 plus is still very possible, but it would be important that the 1.1382 window still intact to be there again.

Should the euro close at least twice below 1.1382 on daily closing basis, then the euro may have a hard time visiting 1.1800 again; instead, it would crash as low as 1.1020 (as I have pointed out earlier).

Sorry for long post. I would've loved to attach the chart, but got a problem with the PC.

Thanks, and good luck!

03-11-2003, 22:18	#14 (permalink)
eternalfuture Padawan Join Date: Aug 2003 Posts: 892 Rep Power: 0	Another support bites the dust Rezo and all, Well, as expected, not much fight given by 1.1545-1.1550 yesterday. Today, I don't think it won't be much of a different story than yesterday. Downward pressure still there, but near-term bounce still likely. I don't think it will bounce far, though. On a daily closing basis, 1.1440 provide temporary support for now, although it was pierced on the hourly chart yesterday. There is 'window' support at 1.1382, which would also offer some support for euro. Rezo, maybe the recent double top at 1.1860 & 1.1857 isn't the similar pattern like the one that we have at 1.1932/1.1931. Maybe this current drop is equivalent to the move 'BETWEEN' the 1.1932 & 1.1931 tops. If you look at the chart, after the top at 1.1932, euro was down to 1.1625. And before that 1.1932, there was also a 'window' at 1.1589 (16th May 2003). What I'm trying to say is that current fall was equivalent to the move between 1.1932 and 1.1625 rather than 1.1931 to 1.1110 (16th July 2003). If this is the case, then a move back to 1.1800 plus is still very possible, but it would be important that the 1.1382 window still intact to be there again. Should the euro close at least twice below 1.1382 on daily closing basis, then the euro may have a hard time visiting 1.1800 again; instead, it would crash as low as 1.1020 (as I have pointed out earlier). Sorry for long post. I would've loved to attach the chart, but got a problem with the PC. Thanks, and good luck!