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Picking Tops and Bottoms
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EURUSD: Rally to Accelerate and Break 1.60
Thu, Jul 10 2008, 05:57 GMT
by Jamie Saettele
The EURUSD is expected to exceed 1.6018 and continue on to all-time highs and beyond in the next few weeks. The chart above shows the count from the 1.1640 low. A push through 1.6018 is required in order to complete 5 waves. Wave IV is complete as a triangle (see next chart).
This is a revised short term count (the count in the technicals is slightly different). The EURUSD is expected to accelerate higher in a 3rd wave from 1.5611 (although price should remain well above there). Long term targets are near 1.64 and 1.70 (see the Quarterly Report for details). The 161.8% extension of 1.5468-1.5909/1.5612 is at 1.6325; this isa possible target.
Published on Thu, Jul 10 2008, 06:03 GMT
Archive
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