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Eur/Usd Down to 1.330


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Sep 13 2011

Euro weakness accelerated late in the past week once the prices broke through the lower support line of a base channel, which we know is an evidence of an impulsive wave three. As such, decline from 1.4548 is considered as a powerful impulsive, but still incomplete leg, currently with a corrective wave 4 underway. We expect a completion of this pull-back in the near-term, maybe somewhere above 1.370, from where a new sell-off should occur. Our lower projected target is around 1.3300!

Critical/invalidation level is at 1.3973!

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