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Euro Trend Indicators Highest in Nearly 2 Years
Written by article default Friday, 01 October 2010 03:54
The EURUSD has taken out its April high and bulls are gunning for the March high at 13820. Eventually, the EURUSD is expected to reach the 100% extension of the 11875-13340 rally at 14140 in order to complete the 3 wave rally from the June low (intersects with corrective channel on October 25). Clearly, the uptrend is exceptionally strong and maybe a bit too strong at the moment. 14 day DMI is at its highest level since December 2008, which saw the 14700 top. A pullback would encounter initial support at 13560.
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