EUR.USD

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long here from 1.3096. Took this out at about 5 AM this morning and was quickly negative but a stop at 3062 held.
Now, on the hourly MACD looks like its crossing up from down below, Chande Momentum Oscillator has bounced of -50 twice and on the two hourly is showing divergence - Price hasnt made a new low for 6 hours...
Could be just a rest of course so stop is raised up to 3082 , a bit too tight perhaps , mere noise could take me out but its either gonna bounce now or not imo, target is 3145 could be extended later but that will do for now.


EDIT - yeh stop was too tight, it just took me out and bounced up a bit. maynot have missed much tho...

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From Elliotwave.com
Food for thought. I guess what intrigues me about this is that if we are in a B wave then the C is generally pretty devastating. Although I'm short term USD bullish at the mo, its difficult to see it having a massive swing up as this pic implies.


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[Bilo]

Hi Peat
I took a glance at your Euro/USD chart and didn't realise that I wasn't on the NZD/USD thread. If you look at the last two years of NZD/USD it looks very similar. Is the NZD/USD going to go up and up also??

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Eur hit its lows 6 months earlier than NZ. I'm thinking this graph indicates the completion of B at some stage soonish and C being downwards. C's can be powerful. If you look at the couple of other ABC examples even in that chart you can see that. So Eur down according to ElliotWave I think.
NZD down too I think. As you say they have certain similarities. I will post in that thread.

[arco]

Whats to stop the EURO testing the old 2004 high?
and even making a handle (for a C&H pattern)......

My weekly Euro chart has been long @ 2371 since
28th April 06, and thats showing over 1000 pips.
No turn appearing on that chart presently.

regards - arco

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From Elliotwave.com

[Bilo]

Peat
I read some stuff during the week that indicated that it might go in the opposite direction to your arrow. Employment data in US considered the key. Some internal disenchantment with the Euro.
Missing the USD on the global scene. Fix the war and fix the USD.

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just for the record tis not mine , tis from elliotwave.com
yes there are divided opinions of course it is a market! NFP will probably show the way .... long from 1.3552 not risking too much tho, hopefully there will be something of a buffer in the trade before the freak show tonite.

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limiit taken at 1.3589 +37

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http://www.elliottwave.com/features/...d=3070*time=pm

so even tho they start off in the article saying eeveryone is USD bearish but usually everyone is wrong , they then say the current down for Eur is corrective (going against the larger trend). so presumably they're actually $ bearish Eur bullish.

I think.