Daily Technical Update May 24, 2010 EUR/USD: Stalking Correction
- Daily: I am juggling with a couple of scenarios at the moment. The EUR/USD could be done with a minor correction, and continue to 1.17 in the next swing. There could also be more to the current correction, with another swing up to at least 1.29 before the bearish mode continues.
- 4H: The 4H time-frame shows the current decline going to 61.8% retracement. The RSI also is nearing 40. Here is a test. If the market bottoms here, we may have another rally swing within the context of correction towards 1.29.
- The green measured moves are projected from a previous swing. You see that one scenario is a swing to 1.17. Another is another rally swing towards 1.29, before a swing down projected to 1.19.
Fan Yang Currency Analyst Commodity Trading Advisor