Tuesday, 5 June 2012

Euro - just a little higher to go

The Euro has been surprisingly strong the last two trading days, yet one further wave lower still appears likely later this week.

Euro, daily

Euro, weekly


You can see on the daily chart a clear main wave'1 lower, with a minute wave'2, and what is currently a minute wave'4.

Target for Tuesday is a further minor gain, briefly breaking/testing the daily 10MA of 1.2529, maybe getting an intra-day peak of 1.26.

I am still looking for one fifth wave lower, with a target of 1.20/19, that would actually suggest index targets as low as sp'1225 by Thursday/Friday (with VIX 29/31). An interesting thought to sleep on.

Goodnight from London