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In the last few days, As ForexCult.com Analysits expected the EUR currency to retrace to almost 1.58 before rates continuing lower towards 1.5340. The very strong pull-up didn't materialize as the pair were to collapse to stabilize above 1.5415, the 38.2% Fibonacci retrace of the 02/07-04/22. This appears to be a near-term bottom, with a relief rally taking the pair to test the 23.6% Fib at 1.5645. Our bias has been established as bearish following the upward-sloping trend break after the pair tested 1.60. the matter here now is to look for a short EURUSD which should be below 1.5645 to aim to participate in a continuation of the down trend to the 50% Fib at 1.5229.
14:08
Posted on May-07-2008
