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Thursday, January 27, 2011

EUR/USD - Topping?

EUR/USD is still holding it's uptrend from 128.68, we should soon see it break, but until it breaks, the risk is one more new high. We still need a break below 135.52 to confirm that the top is in place for a decline towards at least 134.10 and more likely 132.15 - 132.50 area.

The big question is, if this was the leg "C" of a correction or just the start of a rally towards 140.68 area. The form of the coming decline should hopefully determin that for us.
For now look for a break below 136.77 soon.

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