eurusd 082009

Trade Notebook

Currency Pair : EUR/USD Date: Thursday, August 20, 2009

Bullish view

Elliott Wave:		Here we have a double zigzag with lots of potential to go to the upside. It would still be a wave C and should not go past the 1.60 top.
Classic:		The trendline that has been holding since Feb is still holding and prices bounced off indicating short term strength.

Bearish view

Comment:

Elliott Wave:

A leading diagonal could be forming, but also a start of a big move down in form of wave 3 in which I prefer the latter scenario as it counts a little better.

Classic:

A series of lower highs have been developping and we can see a downtrend forming. A break of the Feb channel at 4135 is needed for further weakness, 4335 needs to be taken out to be bullish.

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