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    EUR USDUPDATEApril23

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    The Euro has resumed its downtrend against the US dollar after failing to recover as anticipated from a corrective rally. Despite signs of bullish divergence, the Euro broke below a key support level of 1.3265, signaling the resumption of its bear market. Based on past patterns, if the decline from the high matches the size of the previous decline, the Euro could eventually fall to around 1.1440. In the near term, the Euro faces a sell-off toward support between 1.2465 and 1.2335 in the coming weeks.

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    EUR USDUPDATEApril23

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    The Euro has resumed its downtrend against the US dollar after failing to recover as anticipated from a corrective rally. Despite signs of bullish divergence, the Euro broke below a key support level of 1.3265, signaling the resumption of its bear market. Based on past patterns, if the decline from the high matches the size of the previous decline, the Euro could eventually fall to around 1.1440. In the near term, the Euro faces a sell-off toward support between 1.2465 and 1.2335 in the coming weeks.

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    EUR-USDUPDATEApril23

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    The Euro has resumed its downtrend against the US dollar after failing to recover as anticipated from a corrective rally. Despite signs of bullish divergence, the Euro broke below a key support level of 1.3265, signaling the resumption of its bear market. Based on past patterns, if the decline from the high matches the size of the previous decline, the Euro could eventually fall to around 1.1440. In the near term, the Euro faces a sell-off toward support between 1.2465 and 1.2335 in the coming weeks.

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    Download as PDF, TXT or read online from Scribd
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    20 views2 pages

    EUR USDUPDATEApril23

    Uploaded by

    api-26441337
    The Euro has resumed its downtrend against the US dollar after failing to recover as anticipated from a corrective rally. Despite signs of bullish divergence, the Euro broke below a key support level of 1.3265, signaling the resumption of its bear market. Based on past patterns, if the decline from the high matches the size of the previous decline, the Euro could eventually fall to around 1.1440. In the near term, the Euro faces a sell-off toward support between 1.2465 and 1.2335 in the coming weeks.

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    Max McKegg

    PO Box 22-304, Wellington 6441, New Zealand, Tel. 64-4-479-0983, Fax 64-4-479-0985
    Email : [email protected]

    April 23rd, EUR/USD, last at 1.3230


    Despite an extremity in Bearish sentiment, Bullish price/momentum divergence and a
    requisite 5-wave sequence from 1.5145 – 1.3265, the Euro’s corrective recovery has
    proved less than anticipated. The break below 1.3265 now signals a resumption in the
    Euro’s Bear market for which in the “Bigger Picture” if Wave-C is equal to Wave-A
    (see Weekly Chart) then a decline toward the 1.1440 level can eventually be expected.

    Bottom Line: The Euro has resumed its Downtrend and risk is now for a sell-off
    toward the pivotal 1.2465/1.2335 Support area over coming weeks.

    Daily EUR / USD


    Price
    USD
    B
    1.6
    c
    5/ 1.56

    1.5145
    1.52
    2/
    3/ 1.48
    1.4580
    1.4335
    1.44
    4/
    1/ (2)
    1.4220 1.3815 1.4
    1.3735 1.3690
    1/
    1.3835 1.36

    4/
    1.3440 1.32
    1.3265
    3/
    (1) 1.28
    1.2890
    2/ 1.24
    1.2460

    b 1.2

    1.16
    .1234
    16 02 16 02 16 01 16 01 18 01 16 01 16 03 17 01 16 01 16 02 16 01 16 01 18 01 16 01 16 01 16 03 17 01 16 01
    Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010

    Weekly EUR / USD


    Price
    USD
    1.64
    1.6040
    B 1.6
    c
    1.56
    1.5145
    a 1.52

    1.4720
    1.48

    1.44

    1.4

    1.36

    1.32

    1.28

    1.24
    1.2465
    1.2335
    1.2
    b
    A 1.16

    .1234
    A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A
    Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

    Disclaimer: Max McKegg & Technical Research Ltd accept no liability for any loss or
    Damage that may directly or indirectly result from any advice, opinion, information
    Or omission whether negligent or otherwise, contained in this report.
    2

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