BarroMetrics Views: EURUSD OCTOBER 20, 2010
Figures 1 and 2 provide perspective to the important weekly chart.
The weekly chart shows that negative development buy signal generated on May 2002, is coming up against the Death Zone. Normally I discount the Death Zone where we have a negative development buy signal. But in this context - where the monthly is showing me a bearish wedge and that wedge was preceded by an Upthrust Change in Trend Pattern, I do pay attention.
The key level to watch is 1.4160. Acceptance above that level would a move to 1.4711; acceptance above 1.4711 would suggest a breach of 1.5905.
FIGURE 1 Long-Term Monthly
Chart through the courtesy of Chart Store
FIGURE 2 Monthly
FIGURE 3 Weekly
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