Perfect fib retracement in EUR

If you caught it near that low, sure. Pos div on the 60 supports the trade and there is also a monthly pivot at 4612 that held.

I don't trade off charts this big so how far it goes, who knows. Looks like 4700 is a good target. Beyond that, 4770 would be the .50 ret of the last two swings down.

 

I guess Trichet will dictate direction tomorrow, if his inflation fighting talk is muted Euro is going down!

 

Looking at the daily, it sure feels like down is the likely direction.

 

Yes, the charts are Oanda charts for those that were wondering - on the bear case for the EUR, there was a death cross (50 period EMA crossing the 200 period EMA) on the hourly...lets see what Trichet has to say tomorrow morning...

 

Death it was.

 

Did you hear him speaking? 60 pip drop in less than 3 minutes.

 

Just heard the cliff notes on CNBC. Was able to catch a bunch of those pips as well.

 

EUR making new lows as I type...looking at the daily there are some nice large fib retracement levels below - a big 38% retracement at 1.4354 and then there is the 200 day EMA lurking down at about 1.4328 - I'm expecting to see support in this zone...

 

I see the 200 day at 50%, 1.4150

Nice bounce off 1.4439 though, perfect!

Here's Stretch's view from last November:

 

There is a fantastic bull corridor play [touch-exotic] in EURUSD playing out this week with a 30/100 payout.