Daily Outlook 10.12.2007 by Dimo Dimov
The chart shows my working count for the fall started from 1.4966. I think there is no more possibility for it to be impulsive in nature which means that we deal with corrective movement. This will make trading very difficult because a corrective movement suggests too many possibilities. From the short term point of view is interesting what is the exact position of the rise started from 1.4524. I think that this recovery is also corrective in nature which means that it could be wave X or wave B. The former scenario suggests recovery maximum to 1.4795 while the latter has as a minimum requirement 1.4795. On the other side only a sharp fall below 1.4524 will signal resuming of the fall started from 1.4966. With an eye on the uncertainty I prefer to be currently flat.
Trading strategy: 09:57 EST; 14:57 GMT
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.