-
EURUSD Achieves Down-side Objective
EURUSD today achieved a text book double-top price objective as measured from the May low to the July high and extrapolated lower. We are currently seeing confluence with that objective just above 1.4500, and the 22-month bull trend line which interesects today at approx 1.4460. See chart While we could see some consolidation, perhaps even a bounce from these levels, with the momentum already in place I"d guess a test of that 6-year bull trend line may be in the cards before this market stabilizes enough for the institutional monies liking. Even after last month's carnage EURUSD is barely unchanged on the year, which may point to still lower prices as markets have a tendency to over-shoot. Jay Norris [url]www.brewerfx.com/jnorrisedu/[/url] DISCLAIMER: Futures, options and Forex (off-exchange foreign currency futures and options, or “FX”) trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, options and Forex may fluctuate, and, as a result, clients may lose more than their original investment. The impact of seasonal and geopolitical events is already factored into market prices. In no event should the content of this correspondence be construed as an express or implied promise, guarantee or implication by or from Brewer Futures Group, LLC, Brewer Investment Group, LLC, and/or its subsidiaries and affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informational purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. All securities are offered through Brewer Financial Services, LLC, member FINRA/SIPC.
- Comments
- Subscribe
- Comment #1
- Sep 2, 2008 7:38pm Sep 2, 2008 7:38pm
- Guest
- | IP
- Comment #2
- Sep 2, 2008 9:06pm Sep 2, 2008 9:06pm
- budiman57
- | Joined Dec 2007 | Status: Member | 0 Comments
- Comment #3
- Edited 4:27am Sep 3, 2008 12:35am | Edited 4:27am
- fxterrapin
- | Joined May 2008 | Status: Member | 20 Comments
- Comment #4
- Sep 3, 2008 10:00am Sep 3, 2008 10:00am
- Trout
- | Commercial Member | Joined Oct 2007 | 688 Comments
- Comment #5
- Sep 3, 2008 3:31pm Sep 3, 2008 3:31pm
- FlexFX
- | Joined Dec 2007 | Status: fx friendly | 0 Comments