Saturday, November 7, 2009

EUR/USD Hourly Update


Here is my updated Euro count. Over Friday's last session the pair was looking weaker than Cable and all of the commodity currencies. It is unlikely the pair will retest the 61.8% Fibonacci at 1.492. I will be looking to go short with a stop loss just above 1.5065 when the Asian session begins on Monday.
Posted by Jared at 5:30 PM
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2 comments:

  1. AnonymousNovember 8, 2009 at 8:13 PM

    Hi Jared, nice wave counting. Yours agrees completely with mine. However, I did have my wave 1 and 2 lower down, but that would make wave 3 shorter by 0.8 of a pip, and that invalidates the count. I agree, the next move should be down. Have you also noticed the strong lower trend line this pair has been following since March this year? It has been significantly breached in the last 10 days giving further confirmation that a trend change has happened. I would like to ask, why the big stop loss? Could it not be put around 1.493 to 1.494? If it does turn up it may go to the 0.786 fibonacci ratio so an order to open another short could be placed there?
    You can visit me at my blog too, www.forexinfo.us
    Thank you,
    Lara

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  2. JaredNovember 9, 2009 at 3:58 PM

    Hi Lara,

    The Euro broke through 1.492 during the today's Asian session. A wave 5 ending diagonal may be forming from 1.4829. I recommend putting the stop slightly further away for occasions just like this. If you are reasonably confident that price will fall eventually then why lose the extra pips when you could place the stop loss just a bit further away - and beyond much more significant resistance?

    The March trend line you speak of, if drawn through the April lows has not yet broken. I will post up a daily chart for you.

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