Tuesday, March 8, 2011

Potential downside targets on EURUSD hrly

Hrly chart showing a reasonable head n shoulders, the blue segments are the height of head to neckline...

Used as an equal measure move from recent higher low goves nice confluence with trendline (taken from zoom out). giving a bounce point at around 1.39

Also coincides with a 1.618 fib extension  of first down wave

used as calc for eahd and shoulders gives a lower targed around 1.387 also coincides with 200 period moving average on this timespan.

Not I am longer term long oriented on this pair tho may be wrong.

Quick zoom out to show trendline...

No comments:

Post a Comment