EURUSD (Intraday)
Posted On: Jun 14 2007 9:41AM ET / Jun 14 2007 1:41PM GMT
Last Price: 1.3308
As is the case elsewhere, the environment is right for a EUR$ bottom. Five waves down from 1.3553 are visible. Selling momentum peaked in wave three and diverged in wave five as we would expect. The rise from 1.3264 does not look impulsive, but that sometimes occurs after a rapid fall. The subsequent setback looks corrective to 1.3280. It may be worth taking a bullish stance against that low. Even a corrective rally should reach the 1.3375 area.
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