Friday, April 20, 2012

EUR/USD


This count supports the idea of a corrective decline for a wave 'e' of the triangle wave X and another zigzag higher for a wave Y to around the terminus of the 4th wave of smaller degree, This interpretation complements (But does not guarantee) the ending diagonal count presented for the sterling (presented as an alternate in the last post) with two corrective waves to come, wave iv and wave v (zigzag), The bounce from the lows on the EUR seems corrective however it doesn't seem to be complete, I would wait for another push higher before considering shorting this pair, also watch the key levels on the GBP/USD mentioned on the previous post. I'm long the USDCAD at the breach of the key level on the previous post with a stop bellow the diagonal low.

Regards,
Ahmed Farghaly

Here is a copy of the GBP/USD diagonal count watch the key levels.

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