Based upon a X7 Pattern the Eur/Usd peaked within the range of 1.5070-1.5170.
A reverse until 1.44 was about to to expect,corresponding to the X7 pattern range from 1.4043 until 1.4410.
The last downmove was a regular reverse move belonging to the before mentioned X7 formation which formed late summer 2009 (X-Sequential Movetype X ).
The peak at 1.5141 was accompanied by a X5 reversal pattern with a price target area of 1.4350-1.42.The bottom was formed at 1.4215.
Chart 1: Eur/Usd , X-Sequentials Daily Chart
The Eur/Usdd bottomed with a X7 reversalpattern.
It´s 1/2 X7 price target was formed at 1.4458.
The breakout above the level of 1.4458 up to1.4483 without continuing the up movevement the ongoing tradingrange has to be classified as a X-Sequentials X2 pattern ,which should lead into a uptrend .
A counter up move until 1.48 is to due .
The price target range for the expected up move reaches from 1.48 to 1.4930.
Stop at 1.4215.
Chart 2: Eur/Usd , X-Sequentials Daily Chart
The Eur/Usd closed on Friday 1/8/2010 at 1.4408 .
Devin Sage ,TXA