Houly Euro Forex Strategy for Aug 18th, 2010 22gmt

September 2, 2010 by  
Filed under Forex Trading Strategies

We still feel relatively comfortable with the view that a 5 wave downtrend sequence was complete with the drop to 1.2730. While clearly corrective in nature the subsequent recovery to 1.2915 is short from both a price and time perspective. While this would allow for an interim decline below 1.2800 we would expect the 1.2730 base to hold for a second and final leg of upside correction to the 1.3030 to 1.3100 area before the decline resumes in earnest. Although not our view a direct loss of 1.2730 should level should again find 1.2650 support before higher.

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