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EURUSD Update--Wednesday, May 20, 2009

The minor 2.058 Fibonacci extended level (around 1.3655) continues to weigh down this pair. Yet its repeated attempts to break through decisively seem to augur that the rally will eventually continue to the 2.618 target around 1.3840.

Once again, a 4 hour chart:
090520-0541-4hr euro.gif

Resistance seen in more detail on a 2 hour chart:
090520-0549-eur2hr.gif


Posted by Pure Guesswork on May 20, 2009 6:44 AM |

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