Friday, June 17, 2011

EUR/USD ~ Update ~ 17 June 2011

The 1.41 area proved to be a strong support level and I still think it's a key level. If it holds we could see another rally towards the 1.51 area. Should it break though then I think we'll sell-off to the 1.34-35ish area:

Short-term it looks like the move from 1.47 to 1.41 completed an a-b-c thus another motive wave up may have started at 1.41 yesterday. A break of the 1.43 resistance level would support this count.