Update for: 2011-09-19 - 2011-09-25
Posted on: Saturday, 17 September 2011 14:22
Short-Term Trend: downtrend
Outlook: Last Monday EUR plunged to 1.3500 and then after some consolidation managed to rally twd 1.3900 level at the end of the week. In my last week's analysis I pointed out that the trend was lower but as EUR was approaching my 1.3520 target, the risk of a recovery had increased too. Now, I have changed the labelling on the daily chart to reflect the size and time of the pullback from the May 2011 top. Namely I have labelled the May top as wave [D] and the current decline is then wave [E] of the huge Triangle pattern from the 2008 top. Going back to the Shorter-Term picture, a rally twd 1.4045 seems likely now prior to another sell-off later this month.
Strategy: As the 1.3520 target was hit, a more neutral approach is favored.
Next Update: Sun, 09/25/2011.
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