Nov 262008

The EUR/USD rally that we are currently witnessing is capable of going back above 1.3200, but I would urge caution above 1.3215. The currency had reached 1.3294 last time, and it could still go there, but this is still a bear market, and until we get two closes above 1.3220, I would remain skeptical about its prospect.

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  1. HI RAM,

  2. Dear Ramki,

    I think we are still in 4th wave of bigger 5 wave down trend.

    and 5th wave should complete somewhere in between 1.2119 and 1.12 (50% and 61.8% of 82 to 16040 rally)

    then a bigger A-B-C correction towards 1.35/1.40 levels…. I think we will complte this cycle before 1st quarter of 09

    I like to know ur view on this count



  3. Hi Krishna, you are right in calling this a correction, because the trend for the Euro is still down. What we don’t know yet is whether the correction is over at 1.3080. I would continue to call the currency down, but be careful about ‘where’ I sell. Is this a 4th wave of a bigger degree is also open to debate at this time, but we really don’t have to worry about that just yet because the direction of the trade is more important for most of us.

  4. Hi Ramki,

    I appreciate your quick feedback and all good trading calls. As a reader of your website I like to read more your technicals on Sterling & INR.

    for your info, I am also a technical Analyst and was running a Treasury in India worth 900 million USD.

    A trader is always a Trader



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