Week of October 30, 2008

EURUSD’s corrective rise from Wednesday’s 1.2328 low has reached the 1.3298 target mentioned in our previous update, however, as previously mentioned, only a daily open and close above 1.3298 will complete the fall from the September 22, 2008 high of 1.4866 while 1.2328 holds.  As to the current corrective rise from 1.2328, this wave remains active and only a daily close below 1.2926 will complete this rise while 1.3298 holds, as price will then move within a 1.2697-1.3298 consolidation zone before attempting another push to the upside.  The medium and broad term trend clearly remains to the downside with a monthly close below 1.2672 targeting the November 2005 low at 1.1642.

More updates later.