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[HC]

EURUSD (2008-09-26 closed at 1.4612)

From daily chart, it EU is now trapped inside the previous congestion zone between 1.4400 & 1.4900.  The last few bars printed doji, indicator lost of direction.  This view is further enhanced when we look at the 4 hourly chart: price is now near the centre of this congestion zone, while MACD & stochastic is at neutral region.

[HC]

EURUSD (2008-10-03 closed at 1.3804)

EU fell off the congestion zone and plunged to all year low before pausing at 1.3800+-.  It is critical that his level hold, otherwise a test of 1.3360 is likely.

[HC]

EURUSD (2008-10-10 closed at 1.3413)

1.3360 was breached on 2008-10-10 but EU quickly rebounded and closed above it.  This 1.3360 is also a 61.8% retracement level and I think it will put up a strong support.

[HC]

EURUSD (2008-10-17 closed at 1.3403)

Price continues to test support at 1.33+-.  If this one fail, next support 1.3000!

[domperrier]

My personal take is that this cross has found a temporary bottom. However, be wary of the potential H&S top that has formed in the Sept '07 to Sept '08 timeframe...

First target is the neckline at 1.38 to 1.40...