EURUSD, Thursday, August 21, 2008
As indicated in this post from Monday, support for EURUSD was predicted around 1.4660-1.4670. The post on Tuesday, projecting a new base pattern for a move up was wrong. Or early. It now appears that the base pattern was still forming (with more back and forth action). A high at 1.4805 at the Wedensday Tokyo open could be seen as an alpha, with the 1.4670 low at the London close as beta.
If this pattern is correct then...
First delta target (1.618 of base) would be 1.4888. Hit this morning.
Second delta target (2.618) would be 1.5023.
And the third possible target (4.236) would be 1.5241.
Or the pattern could be wrong, like Tuesday's.
TWT.