Week of May 28,2009

EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3605 will complete this rise while the May 22, 2009 high of 1.4050 holds. Look for prcies to continue to move higher while 1.3605 support with 1.4184 as the next objective. As to the intraday rise from today’s 1.3792 low, this rise remains active as ONLY a daily close below 1.3910 will complete this rise while today’s 1.3983 high holds as prices will then continue to move lower within a 1.3865-1.3910 consolidation zone before another attempt to the upside.

GBPUSD’s has reached our previously sited target of 1.6084 as this represents the 50% of the 1.8666-1.3502 fall, with a daily open and close above 1.6084 confirming further price extension to the upside with 1.6693 as the next objective.  As to the current rise from the May 18, 2009 low of 1.5116, this wave remains active as ONLY a daily open and close below 1.5715 will complete this rise with prices then continuing to move lower within a 1.5486-1.5715 consolidation zone before another attempt to the upside. As to the intrady rise from yesterday’s 1.5771 low, this rise is complete at 1.6085 with prices currently trading within the 1.5849-1.6012 consolidation zone, witha a 2 hour open and close outside this zone witnessing further price extension in the direction of the break.