Thursday, 3 May 2012

EURGBP and USDX...continued

Often i find the simpler the better ! Here is yesterdays chart updated...Not only have we rested the pink trigger line A-C extended but also the LMLH/LMLP of a new modified Schiff fork using the mid point of BC to D & C runs along the same axis and has provided price with a new low pivot plus a new CL objective around/near the .8145 level.... Yes , of course this is much over simplified and there is a huge amount of market structure not marked onto this chart- however..All we/I need to know is that if price makes it to .8145/50 then this pair is worth watching as it may go to the CL of the very feint grey up sloping fork off pivots C-D-E.
USDX... I have a feeling we maybe seeing the end of what i had hoped would be a new ( short term) low pivot for the DX at 78.66

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