Wednesday, September 30, 2009

EUR/USD Sells off in 5 Waves This Morning; September 30, 2009

After floating higher all day yesterday and last night, the EUR/USD tanked hard in a clear 5 wave drop (see above 5 min chart). I expect a small rally that will not exceed 1.4673 before it resumes its downtrend.

I said the stock market has been following the EUR/USD (opposite the US dollar) so if this is correct, the stock market should follow.

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