Thursday, January 13, 2011

EURJPY—C leg correction

EURJPY has touched a high of 110.24, its prior high. It looks very strong as it surged through the fibo confluence and resistance at 108.95 and 109.50. If this is a correction then the C leg will reach 111.09 (assuming C is 1.618 A's length).

It's possible the pair will retest 109.00 or 109.50. Depending on how strong it looks on the hourly chart, I'll probably buy. Below that support is at 108.00, 107.86, 106.83, and 106.24.

© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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