EURUSD Daily Analysis for 06-06-2008

[fxman01]

EUR/USD IN POSITION TO TURN DAILY TREND UP

06-06-2008

Pattern

Main Trend: Down

Main Trend Top: 1.5628 (05-27-08)

Main Trend Bottom: 1.5283 (05-08-08)

Current Pattern: Reversal Bottom 1.5601 (06-05-08)

Price

1.5818 Main Trend Top (05-27-08)

1.5738 Gann Angle Down

1.5689 Gann Angle Down

1.5658 Gann Angle Down

1.5628 Main Trend Top (06-03-08)

1.5580 New York Close

1.5493 Gann Angle Up

1.5388 Gann Angle Up

1.5364 Closing Price Reversal Bottom 06-05-08)

1.5283 Main Trend Bottom (05-08-08)

Time

06-13 Anniversary Weekly Bottom (06-13-07)

Analysis

The Main Trend is down. The Main Trend turns up on a trade through 1.5628.

The pattern is bullish. The bullish factors include:

A closing price reversal bottom

Regaining a pair of uptrending angles

Regaining a downtrending angle

Look for the pair to take out the last main top at 1.5628 and rally into 1.5651 to 1.5658 before any sellers come in.

If upside momentum continues, then the next target is a resistance cluster at 1.5738.

On the downside, look for a buying opportunity on a pullback to 1.5493 and 1.5469.

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