Euro trend turn

On 11 Sep 08 the Euro repeated a down range from late 04 to late 05. Ranges like to repeat themselves so this in itself is a good indication that the downtrend has turned. Further to the range repetition the low on 11 Sep 08 is exactly the same as the July 07 high (support/resistance level), and it has retraced almost 50% from all-time-high in July 08 to the low in 05, which was the start of the previous Bull Run. 50% retracements often act as powerful support/resistance levels.

Summary:

- 100% major range repetition
- Low resting at a support level (July 07 top)
- 50% retracement

Euro 04-05 range repetition