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CURRENCY CORNER


 
 

8/10/09

CURRENCY CORNER:

USD: This current corrective reflex up move will terminate between79.61 to 79.69. As I mentioned several times last week, this is not the BIG UP move I wrote about the last two weeks. Don’t get sucked into this head fake. We must reach 76.95 before a potential trend change.  76.95 turns on the red light for a potential reversal (trend change)

 

Euro: 14147 is the key level to watch, in order to time the move back up. The move back up will be corrective in structure reaching 14683 to 14685, although the move up will be a Running RCT (5 stages). 14309 is the 1st price target upon the move back up, although 14274 is the 1st level of resistance. My Euro Sentiment Barometer strongly favors the bulls for today’s price action which indicates a high probability we reach 14269 before Noon (EST) today.

 Failure to currently stay above 14191 takes us down to 14131 to 14133, which is on the velocity vector apex, a clear break below the apex sends us down to 13944 within moments. Highly doubtful we break below the Apex at 13944.