EURUSD--Wednesday, April 22, 2009
Updates on the patterns examined in a Monday morning post.
At the time those charts were made, the market had found support at a level approximating 1.2945--a level found on several different patterns. However, that level failed to provide "support" once the US stock market opened. Yet the patterns seem to maintain some validity. The region around 1.2945 since that time has become more a center of gravity than support for the market. This sort of action around a point of inflection usually indicates the market will continue trend to the next level. In this case that would mean 1.2725 to 1.2750 area.
Updated charts:
UPDATE-- As I wrote this, EURUSD has rallied up to the region of the next level on several of these patterns--an area around 1.3010-1.3020.
