06/04/09 9:18 am - EURUSD: Further Downside
1.4050 was tested and held, price bounced well ahead of it at the daily EMA10, but the price action suggests that it will be retested. 1.40 is the Fibo projection of the current hourly downleg, and also the 38.2% Fibo retracement level of the last upleg. The EMA10 at 1.4075 is critical regarding today’s close, and if broken, requires a close above it to maintain the bullish bias.
Still sidelined, and waiting for a long entry opportunity, ideally somewhere in the range of 1.4000..1.4060.
Support: 1.4075 DEMA10 1.4062Fibo50 1.3998 Fibo38
Resistance: 1.4245 HRsst 1.4337 HRsst 1.4362 H-12-29
RSI: Hrly: bearish, capped by decl. TL, Dly: rolling over
Hourly Chart:
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
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Ned Said,
June 6, 2009 @ 2:51 pm
might you be liable to expect stock market end to bear rally soon, return to low long-term interest rates within 2 months?
admin Said,
June 8, 2009 @ 10:25 am
Hard to tell what the stock market is going to do. I think the market’s rally will last a few more months, maybe into early fall, Sep/Oct time frame), at which point I think it’ll dive again for a retest of the March lows. I also expect the housing market to crumble at that point, for various reasons.