Important support at 139.68 is still untouched keping the micro wave count well and alive. The possible Ending diagonal I described yesterday also fits the picture nicely at this point. The only problem I have with the Ending diagonal is, that we will need quite an overthrow to make it past 142.89, but it's not unlikely. There is an other possible micro count for this wave v rally. That wave one went from 140.05 to 141.15 follower by an Expanded flat correction, which ended at 140.49 as wave two and we are now in wave three. If this count is correct we should soon see a clear break above 141.70 for a move towards 142.29. A break above 141.70 will likely produce a more negative outlook for the USD again. While a break above 142.49 will have the perma bears call for the demise of the USD and making the contraian call for a stronger USD a nice possibility...
Thursday, March 31, 2011
EUR/USD - The wave v count is still good
Important support at 139.68 is still untouched keping the micro wave count well and alive. The possible Ending diagonal I described yesterday also fits the picture nicely at this point. The only problem I have with the Ending diagonal is, that we will need quite an overthrow to make it past 142.89, but it's not unlikely. There is an other possible micro count for this wave v rally. That wave one went from 140.05 to 141.15 follower by an Expanded flat correction, which ended at 140.49 as wave two and we are now in wave three. If this count is correct we should soon see a clear break above 141.70 for a move towards 142.29. A break above 141.70 will likely produce a more negative outlook for the USD again. While a break above 142.49 will have the perma bears call for the demise of the USD and making the contraian call for a stronger USD a nice possibility...
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