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Sunday, May 15, 2011

EUR/USD - The possible bullish count under threat

The possible bullish count is under serious thread with the break below 141.55, which has opened up for a continuation towards next support at 140.25.
As can be seen the Andrews Pitch Fork support is sitting near 140.25 too.

Zooming in at the hourly chart, we can see that the last part of the decline from 149.38 is followed by double divergence, which is a sign that a reversal is nearby.

Short term only a break above 143.39 and more importantly 144.23 confirm, that an wave (iv) is over.
At no point can a break below 138.61 be accepted.








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