heading to north.

EURUSD (Intraday)
Posted On: Jul 13 2007 8:56AM ET / Jul 13 2007 12:56PM GMT
Last Price: 1.3787























Topping on news, LOWER



Euro still heading to north. In this scenario I try to use channel to get a clear trend and absolutely price from 1.3761 was perform very nice inside the channel. The push from Retail sales data around 8.30 am gmt 08:00 is either to a thrust from a triangle or Diagonal triangle,both are terminal so it really doesnt matter. It is more complicated.

The five-wave advance from 1.3569 is either at in in the process of peaking. Upside potential is limited while the risk to the downside is growing. Just a correction of the impulsive advance shown would result in a return to the 1.3700-30 area or worse and if the rally from 1.3569 is a fifth wave euro might just return to the 1.3600 area.

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