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Paul Koszarny · 17-02-2003, 05:41

EUR/USD has hit a significant low after a plummet below major support and bearish gap 1.0776. Now the 50% retracement of the fall 1.0865-1.0672 is right below the broken level and with a triple top on dailies this is sth like H&S. I suppose too many longs crashed would not support a quick recovery of the euro. This hour 11:00( CET) is the first model hour with sup 1.0675 and resistance 1.0721. The res level has just been struck so it's important to see some reaction early afternoon. Particularly heavy blow came from GBP/USD which from today's low may recover just to 1.6071 near term.

17-02-2003, 05:41	#2
Paul Koszarny Super Moderator Join Date: Nov 2002 Posts: 322 Downloads: 0 Uploads: 0 Rep Power: 0	EUR/USD hit a low 1.0672 EUR/USD has hit a significant low after a plummet below major support and bearish gap 1.0776. Now the 50% retracement of the fall 1.0865-1.0672 is right below the broken level and with a triple top on dailies this is sth like H&S. I suppose too many longs crashed would not support a quick recovery of the euro. This hour 11:00( CET) is the first model hour with sup 1.0675 and resistance 1.0721. The res level has just been struck so it's important to see some reaction early afternoon. Particularly heavy blow came from GBP/USD which from today's low may recover just to 1.6071 near term.