Thursday, 3 May 2012

EURUSD turning...but S&P holds steady....

EURUSD is giving me signs of turning down. If Green neckline is broken then Euro will fall hard imho. Very important support in 1,31-1,3050 area.
S&P as mentioned in yesterdays post could visit the 1390 area. The low in yesterdays session was 1393,92. The index found support in that area. The move does not look impulsive. It can be wave A and wave B could finish today at the open, waiting for a C wave down towards 1382. However we must let the market take its time. This correction my take longer and evolve into something more complicated.

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