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Eur/Usd Intra-day: Top in place at 1.2917

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Sep 07 2010 03:55 EDT

Temporary top is in place as the prices fell sharply during the Asian session, driven by lower stock market. We can count clear five waves down from the 1.2917 top, which means that this decline is a part of some larger bearish structure. Any three wave upward, corrective bounce from today’s low, which will appear in the very near-term, should be a short opportunity from a wave (ii) top. Weakness expected.

Eur/Usd 30min Chart:

Disclosure: Short