EURUSD--Sunday Evening, March 1, 2009
First, the short term pattern I explored last week first here and then here was obviously wrong. A dud. No go.
That brings us back to the last valid longer term pattern which posited a low at the 2.618 delta extension around 1.2520. Actual low was a less than 10 pips below that.
Subsequent action saw a three wave pattern that came up near the 1.618 level, that is, a little less than a 38.2% retracement of the impulsive move off the base pattern.
Just now the eurusd has opened sharply down.(Currently around 1.2615.)
Which leads to speculation on an extension of the previous down pattern. The next target would be the 4.236 extension in a new impulsive move down. That would bring the pair to just above 1.17.
A possibility which bears watching.