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Euro Briefly Takes 14000
Written by article default Thursday, 07 October 2010 10:35
The EURUSD continues to advance and has traded through 14000 as well as the corrective channel resistance line. 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). 14 day DMI (directional movement) is at its highest level since December 2008, which saw the 14700 top. A pullback would encounter support at 13810, 13640 and then 13510.
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