EURUSD--Sunday Evening, February 22, 2009
Is EURUSD trying to make another impulsive move above 1.30? It seems a bit counterintuitive now that the European banks seem to be competing with the American banks for the ugly baby of the year contest. But if the high last Thursday is charted as an alpha and the low Friday as a beta in a base pattern, then the impulsive move up during the New York Friday afternoon session ended within a pip of the 1.618 delta target. A common pattern would be for a retracement (which could be sideways rather than a distinct move down) and then a second impulsive wave up to the region of the 2.618 delta target. And that would be 1.3087.