Update for: 2012-05-28 - 2012-06-03
Posted on: Sunday, 27 May 2012 21:02
Short-Term Trend: downtrend
A week ago I favored a short position on a small recovery twd 1.2800/1.2850 based on the wave structure presented above and based on the trending conditions at that moment on daily chart. EUR rallied to 1.2823 and then declined sharply. With the break below 1.2670 level, the presented wave count has been confirmed and more weakness can be expected this week. The most likely downside target is now seen at 1.2345 but lower prices are also likely. So, I continue to favor the short side here, as long as last week's top remains intact.
Strategy: Holding short from 1.2800 is favored. Stop=1.2800.. Target=1.2350.
Next Update: Sun, 06/03/2012.
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