EUR/USD fractal outlook

[Paul Koszarny]

EUR/USD rejected at 1.0960 slipped about 100 pips lower, found interim support 1.0870, yet failed to stay above big figure 1.0900 which is negative. Tuesday's first support lies at 1.0853. Strong support at 1.0716. Tuesday is a model day where a new local low will probably be there. Equities on Wall Street are dollar supportive. I would not pay much attention to Monday's failure to sustain gains on NYSE indices due to Monday Easter across most of Europe and a majority of traders inactive. Stop losses were activated below 1.0850 when EUR/USD dipped to 1.0822, and the same is visible on some other major crosses. Today's first model hour is 7:00CET, and then 14:00CET. It seems that Asia will decide what to do during the third trading hour. The first impulse from April 17 still valid. Now 50% level of the projected slide turned from support to resistance, so the picture may change only on firm closes above the line.

[cycle5]

Paul,
Would you please explain the model hour mentioned in your posts? Thanks, Russ.

[Paul Koszarny]

What looked like closing shorts at 7:00, the first model hour, was really the beginning of a decent rally. EUR/USD has just touched 1.0936 today's first resistance where some profit taking may take place. Almost +4sigma on Bollinbger bands will be difficult to sustain.

[Burnfing]

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[Burnfing]

Sorry, I have posted my message in the wrong thread. Just ignore it...