Saturday, June 13, 2009

EUR/USD Declining Impulsively; June 13, 2009

The hourly EUR/USD chart shows a five wave decline and a three wave WXY rally that halted twice at the fibo retracement level. With a stock market top at hand and gold reversing sharply Friday, I like the odds of shorting the EUR/USD here at 1.4015 with a stop at the beginning of the 5 wave decline at 1.4345.


Anonymous said...

Is there a rebound after the 1,38 to the old top of 1,43?

Todd S said...

Forgive me, but I'm not sure what you're asking. If my wave count is correct, it means a major decline phase is underway and 1.3800 should be touched and broken soon. Will there be a rebound there? Maybe, but the trend appears down for now so I'm only looking to short.