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Tuesday, July 19, 2011

EUR/USD - No clear short term picture

The short term picture is a bit unclear. We could have seen wave i and ii of wave 3 down. If this is the case we should soon seen a more powerfull decline in wave iii of 3, for this picture to be the right one, we should see 141.36 holde for a break below 140.67 opening up the downside. However we might only have seen wave a and b of wave ii. If this is the case we should see 141.36 broken for a move higher towards 141.76 and possibly even the 141.95 - 142 area, before wave iii down takes over.

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