Tuesday, March 2, 2010

EUR/USD Hourly Chart ED

 
My EUR/USD count is inversely similar to my USDX Ending Diagonal Count, however the final C of the ED in the E/U is much more clear than the its parallel in the USDX. The recent spike down to 1.3435 has been met with strong resistance and an ending diagonal may be complete. I think it is more likely however that this was just a wave 4 and there will be one more sharp spike down followed by an even quicker reversal to complete the ED. If my count is correct there will likely be a sharp retracement over the coming weeks to the near the origin of the diagonal, around 1.458. Look to get long just below 1.34 or on a push above 1.352. 

 

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