Euro--Friday, August 22, 2008
Update on pattern found in yesterday's post. The delta 1.618 target was a point of attraction after the impulsive rally. It traded higher but the level around 1.4890 seemed to be the shoulders level for a head and shoulders formation. Today's decline has been arrested near the top of the alpha-beta base at 1.4805. Although it traded below that level, it quickly snapped back above it. Seems to imply the uptrend is still in play. Further support at 1.4776 and 1.4753. Gets below 1.4740 and we are playing a different game.
