Euro Technical Outlook

Published February 29th, 2008 - 07:33 GMT
Al Bawaba
Al Bawaba

Wave 3 within the 5 wave rally from 1.4438 is probably complete at 1.5229.  Wave 4 is either complete at 1.5160 or is still underway.  A larger wave 4 correction could reach the former 4th wave (iv) at 1.5074.  Even if wave 4 is still forming, higher prices are a high probability next week as wave 5 is required to complete the entire bull cycle from 1.4438. 



Objectives lie above 1.5400; there are 261.8% extensions at 1.5429 and 1.5447.   We will look for a top and reversal near there.