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Paul Koszarny · 28-04-2003, 09:28

EUR/USD reached 1.1075 early European Monday and near the open of the first model hour 11:00CET it was bouncing off its local low 1.1010 to retrace almost 61.8% of the slide. This movement seems to have come to an end and the market is swinging slightly below the pivot 1.1036. Europe's bourses generally in the positive territory. DAX has already retraced 38.2% of the losses from April 23-25 and no wonder since it had completed extended wave before today's opening. So Fibonacci levels rule and the markets look really very technical and quiet. The next movement will surely come from Wall Street. Dow Jones may find interim support at 8256 and recover to find resistance 8383. All it needs is to gain a little more than 1% today to regain lost trend support. Should this happen we may have already had today's top on EUR/USD.

28-04-2003, 09:28	#2 (permalink)
Paul Koszarny Super Moderator Join Date: Nov 2002 Posts: 322 Rep Power: 0	EUR/USD touched 1.1075 EUR/USD reached 1.1075 early European Monday and near the open of the first model hour 11:00CET it was bouncing off its local low 1.1010 to retrace almost 61.8% of the slide. This movement seems to have come to an end and the market is swinging slightly below the pivot 1.1036. Europe's bourses generally in the positive territory. DAX has already retraced 38.2% of the losses from April 23-25 and no wonder since it had completed extended wave before today's opening. So Fibonacci levels rule and the markets look really very technical and quiet. The next movement will surely come from Wall Street. Dow Jones may find interim support at 8256 and recover to find resistance 8383. All it needs is to gain a little more than 1% today to regain lost trend support. Should this happen we may have already had today's top on EUR/USD.