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Euro Technical Outlook
Friday, 19 June 2009 14:37:52 GMT
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Staying below 1.4181 keeps the trend pointed down. The series of lower highs and lows since 1.4340 may be a series of 1st and 2nd waves. Under this scenario, the next decline will be a third of a third (powerful). It is also possible that the current decline is wave 4 of a diagonal from 1.2454 (alternate labels). Yesterday’s push to 1.4000 may have completed the small second wave from 1.3747 (a close look reveals that wave c of that rally is a diagonal). Still, 1.4181 is the bearish line in the sand.
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