Friday, August 12, 2005

Eurocurrency Boxes

In this morning's guesstimate I said that the September eurocurrency was on its way to the top of its box at 125.60.

Meantime, the trade number has come out and killed the market. Still, this is only a reaction in an uptrend that is still not complete. I expect support to come in at the bottom of the box at 123.70. If that level fails then the worst we should see is 122.80 or so.

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