Finally the pattern choosen was a double zig-zag, confirmed with the break of the triple resistance in 1.2250. The resistance is now given for the up trend of the ascending channel, and the fib ret. 0.382 of the previous wave 3. We can wait a reversal and the end of 4 near this area, support by the divergencies in the MACD and Stoch, in 240 min as the chart shows.
Just following my system which showed 25th July a good long term R:R of going up and reaching this level. No subjective EW crap in here. Just plain objective TA. http://www.elitetrader.com/vb/showthread.php?s=&postid=799493#post799493 http://www.elitetrader.com/vb/showthread.php?s=&postid=806068&#post806068 Sherlock
The only reason for eur going up is this devastating storm in south states which no your objective TA was possibly capable to predict. So don't deceive yourself.
your elliot wave crap doesn't work. go look at your postings, you post loser after loser after loser on these boards based on your flawed elliot wave principles. give it a break already. change your name to mierdayperdedoresfx.
The long term trend does not get affected by a sudden upheaval like a storm. After a panic the trend will return initially to its previous behaviour before changing. For the long term trend to change direction takes time and this does announce itself to the astute observer. The uptrend was already in place when my neighbour posted it in July. As he has said before: Profitable trading is based on the premise that people will keep on making the same mistakes. Maria
The US will crank up the printing presses 24/7, and will begin to lower interest rates again in an effort to rebuild New Orleans quickly and at any cost. The devistating result of a rapidly rising M3 and lower interest rates will be the inflationary pressure it places on the value of the Dolllar. The result of this will be a precipitus decline in the value of the Dollar over the next few years, against a broad basket of other currencies. I can see this fall hitting 30-50%.
Fundamentally there is no reason for eur to go up before the storm. The retracement to levels of 1.24 after 6 months fall was expectable. But this is nothing to do with fundamentals. The only reason that eur made the latest move up above 1.24 was because of the feeling that FED will stop raising rates as a result of Katrine.