Euro/Oil...............
From the 10/26/04 Post.........
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Oil appears to have Topped...1st substantial downturn in Open Interest...Longs are Covering...in conjunction with W5High.
Oil is still volatile...Double Top or Spike High?...maybe tho a break of $52<>$51 would negate that...and fuel a USD Technical North advance....Oil hits a W5High at Technical resistance...and OI decline shows Exits underway.
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Quote:
Time/Price has advanced North to current Alltime High at 1.2976...the ECB's rationale for allowing the Euro to appreciate is strictly based on Oil's inflationary effects in the EU... for which a containment at $50<>$52bbl would make the Voices in Euroland begin to sound as ECB President Trichet echoed last week on "excess volitility" from the G7 Communique' earlier this year.
Looking for a North containment at the 618Fib at 1.2991<>1.30 for a South Reversal decline thru 1.29 to 1.2850 basis.
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Quote:
Time/Price has established a new Alltime High at 1.2985...with a South Reversal decline currently at 1.2889. Looking for a North containment inside the NT50 TimePhib at 1.2935 for a South continuance to the 382/50Fib at 1.2850 1.2807 basis.
North breaks of 1.2950 Target a run at the Highs onto the 1.3075 level.
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With Oils South Reversal from $55.70 to a current Low at $47.80 thru Supply increases...the Voices of EuroLand have begun to echo for a containment of the coveted 1.30 level...currently Time/Price for Eur/Usd has North High at 1.2937 to a South decline low at 1.2880...Looking for North containment at the NT50TF at 1.2935 for a South decline thru 1.29 to the 1.2850<>1.2807 basis.
The Chart for Oil from 10/26/04.........