Quoting monarchDislikedNorthpro, just taking a look at the EUR/USD and thought I would post this summary of my projections. I would like to see what you think of this pair in the week to come. Thanks
EUR/USD came within reaching its S2 Monthly Support at 1.2490 which is the lowest this pair has been since July 19<sup>th</sup> 2006.
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EUR/USD has found support at 1.2498 on June 23 2006, July 18 2006, and is within 10 pips of bouncing off of the S2 Monthly Support once again.
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1.2528 would settle the EUR/USD around the 50% Fibo. area, but a further drop could send the price down to 1.2428 then back up to Support itself at the S3 Daily 1.2458.
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EUR/USD is testing the bottom of its channel, but eventually will find itself settlineg back in around 1.2678 area in the coming week or so.
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The Dollar has been pressing forward strongly, but eventually we will see it lose some of its luster, and ease off of its Bullish trend allowing the EUR to regain some of its losses.
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MonarchIgnored
I think you are right on the money with that analysis. Quickly looking at the 4hr chart it's easy to see that the EUR has bumped up against that 2450ish support (double bottom in june and july) plus I have it at the 62% + wave 1. I think a correction is imminent to 2650ish then possibly another stab at breaking the support for a run to 2300. Even though the $ is strong Bull now, it needs a breather. I think we will see it early next week, but anything can happen, the wave isn't always perfectly predictable. My WaveTrade has it going to 2660. Take a look at the long term weekly chart, I have it pegged for a possible extension beyond 3000. Great analysis, and have a good weekend.
Northpro