Thursday, July 27, 2006

USD \ Euro

Here is an hourly chart of the cash USD\Euro pair.

Ever since the July 20 guesstimate I have been looking for the euro to rally to 127.80 in a three phase correction. This morning the market traded as high as 127.73 and I now believe that the rally from the 124.56 low of July 17 is over. The next development should be a drop below the 123.00 level.

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