The Euro has had a sharp downturn the last 10 days. It is interesting looking at the chart symmetry since 21 Aug 08: From the 21 Aug top it went down for 21 days until the low on 11 Sep, and what is interesting is that yesterday’s low was 21 days since 11 Sep. And right in the middle of yesterday and 11 Sep lows there was a top – the Euro has been acting symmetrically lately.
Euro day counts
Looking at a slightly bigger picture; between the two significant tops in April 08 and July 08 it was 84 days. From the July top the 84 days are about to be repeated, namely over the weekend, on the 7 Oct. This date is also 45 degrees from 21 Aug top.
Also worth noting is that the current down-range is approximately the same as the previous one, from 21 Aug to 11 Aug.
Euro range repetition
The recent time and price range symmetry may suggest that we are facing another directional turn of the Euro. At least it suggests that it is sitting on a resistance level. However the ongoing credit crisis in both USA and Europe may cause the Euro to go down even further. The media suggests that USA will implement a bailout plan before the European Union will, which may boost the US dollar and push the Euro down. The latter is fundamental analysis that I usually don’t dwell with, and I am certainly no expert in it! With all the drama that is all over the news these days it is hard and silly not to pay attention.