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Thursday, August 17, 2006

Euro Fibonacci

EURUSD daily fibonacci chart

The Euro has bounced up on the .618 fibonacci time. According to the analysis today is 21 trading days from the low of July which is either wave 1 or A so we could get a change of trend today or tomorrow allowing for a good swing short trade. We are also near the fibonacci price reversal points. In addition we are also forming a MACD divergence on the 15 minute chart and the 60 minute chart.
The trend is still down.
Nothing in trading is ever guaranteed and I urge you to please do your own analysis and as usual good luck on your trading toay.