All three major currency pairs reversed on hourly point and figure charts and took a breakdown of yesterday's low.
British pound also reversed on daily PnF at 1.46. The 1st downward target for pound is 1.4552, confluenced with 10-day ema 1.4553.
If euro touch 1.32, it will make a 3-box reversal on daily PnF too. The 1st downward target for euro is 1.3213. The 2nd target is 1.3117.
Japanese yen will make a reversal on daily PnF at 98. As long as yen stays above 100, forex trader shouldn't worry too much of current slide. The 1st downward target for yen is 99.44.
Tuesday, April 7, 2009
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