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'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by Pierre Charlebois, Senior Trading Coach at www.TradingPostFinancial.com

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EUR/USD - Where might it top out?

Posted on October 13, 2009 at 8:47 in Uncategorized by Pierre Charlebois

I am answering JJ’s questions here:

IF the count is correct and the last wave is a diagonal C wave; the measured objective unfortunately has quite a large range. It’s risky to try and pick the exact top.

The thing to do is watch the daily candle for a reversal pattern and/or to wait for a drop below trend-line resistance for confirmation.

As far as Gold goes, I don’t trade it nor have I been watching it too closely. sorry.

3 Responses to “EUR/USD - Where might it top out?”

on 13 Oct 2009 at 9:36 am1j.j

Dear Pierre hi, thank you so much you are one of the best.
regards
on 13 Oct 2009 at 10:15 pm2Jen

Hi, Pierre

According to Forex.com. “Dollar will recover in 4Q, commodities down” and expects that commodities will decline in the 4Q, launching higher the Dollar: “Gold prices will be setback, oil prices to decline, with WTI crude oil at $55/barrel”. Forex.com sees EUR/USD down to 1.37/38.

Appreciate your view on this?

Will dollar recover in 4Q and and down to 1.37/38?

Regards,
Jen
on 13 Oct 2009 at 10:44 pm3Pierre Charlebois

Hi Jen.

At this point in the dollar’s fall it would only make sense that some recovery happen. If it does, it stands to reason that gold and oil should retrace as well.

I’ll write a post addressing this a little.

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