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Friday, April 8, 2011

EUR/USD - Support held for one more rally



Support at 142.50 held for one more rally towards the upper resistance-line. That has also change the short term picture slightly. The possible Expanding Ending Diagonal doesn't seem to fit the picture that well anymore, but instead we are looking at an Ending Diagonal.

We already have a minor throw-over, but I wouldn't be surprised to see it overshoot more towards the 144.25-144.50 area, before topping out for real.

To confirm the top we now need a clear break below 142.80 and even better a break below 142.40 which will confirm the top and the end to the entire rally from 128.71.

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