Week of October 6, 2008

EURUSD continues wave 3 down from the September 22, 2008 high of 1.4866, reaching 1.3549 as of this writing with 1.3321 as the next objective followed by 1.3054 and 1.2711. As to the upside, only a daily close above 1.4051 will complete the fall from 1.4866 with prices then likely to trade within a 1.4052-1.4363 consolidation zone before attempting another move to the downside targeting 1.3321. As to the short term fall from last Friday’s 1.3911 high, only a 1 hour open and close above 1.3687 will complete the short term fall from 1.3911 with prices then likely to trade within a 1.3687-1.3773 consolidation zone before attempting another move to the downside. As to the medium term fall from the July 15, 2008 high of 1.6037, only a daily open and close above 1.4499 will complete this fall with prices then likely to trade within a 1.4499-1.5087 consolidation zone before attempting another move to the downside. Intraday, look for initial offers ahead of 1.3687 to limit any nearterm rise with 1.3321 as the next objective. As to trading, trend dynamics continue to provide very favorable trading enviroment with 23 out of the last 24 weeks profitable and 109 winning days out of the last 114 trading days, with 6,317 pips banked since April 29th.

We will have more updates later.

Forex Signals Plus A;erts