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Daily Outlook

This report has been deactivated

10

0

EUR/USD

Mon, Apr 27 2009, 13:48 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

For more information and subscription to the full daily and weekly Elliott Wave analysis on Majors please e-mail to Dimo Dimov If you'd like to receive the daily updates for the US stock indices, please e-mail to anikolov@karoll.net

The chart shows the movement after the last week’s low 1.2885. The rise to 1.3300 is spectacular and is at first glance wave 1 of a rise from one higher degree. This scenario will become favored if the euro stays above 1.3044 (61.8 % retracement of the said rise) and rises above 1.3300 later.

However there is also an alternative scenario – the said rise to be wave C of a complex corrective structure and in such a case one should expect a sharp sell-off below 1.2885.

Both scenarios are real possibilities and I can not objectively favor any of them. However my feeling is that the bearish scenario will develop so I try to enter short with close stop loss.

Trading strategy: 09:19 EST; 14:19 GMT

Sell on recovery to 1.3170, stop loss - 1.3240, target - open

chart 1


Archive

  • EUR/USD
    Published On Fri, Jul 10 2009, 08:23 GMT
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    Published On Wed, Jul 8 2009, 12:29 GMT
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    Published On Fri, Jul 3 2009, 10:32 GMT
  • USD/JPY
    Published On Wed, Jul 1 2009, 07:55 GMT
  • GBP/USD
    Published On Thu, Jun 25 2009, 14:12 GMT
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Legal disclaimer and risk disclosure

This analysis has only informational and educational purpose and does not represent a trade proposal.

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