I always pay attantion to the ideas of Technical Currenct Analysts. I just wanted to share the following analysis with you. I got it from the FXCM's website. "EURUSD has rallied off of the 1.3262 former resistance level (now support), but as long as 1.3413 holds as resistance, weââ¬â¢ll continue to favor the downside. There is plenty of bearish evidence on the daily. RSI is divergent at the recent high and just declined below 70. CCI is above 100 and a decline below 100 would signal a reversal. Regarding the longer term structure, it is appropriate to treat the entire rally from 1.1640 as a 3 wave correction. There are 7 waves higher ââ¬â but 7 divides into two 3 wave corrections linked together by an X wave. This is known as a double zigzag correction and is labeled W-X-Y. We are looking lower. It is possible that the rally extends higher but the oscillator action on the daily gives us reason to be skeptical. "
What are you cooking MR.FTRADER? You just opened another thread few hours ago next to this one, on both pushing FXCM. Coincidence? mF