Summary: The EUR started as we expected on Friday with a slight move down followed by an upward correction, then it revealed itself with a continued downward move. This continues to bolster our position that the upward correction is now complete and the next move down on the EUR has already begun. This morning the charts look at bit ugly for trades, but we expect some upward correction to occur from Fridays move down before the EUR continues to move lower. We will be looking for entries down on the EUR once this minor correction upward from Friday is complete. Our target on the EUR is 1.15 and below. We will be looking for trade entries down. The EUR currently trades at 1.2085. Our target on the GBP is 1.6700 and below. We will be looking for trade entries down after a minor correction upwards. The GBP currently trades at 1.7652. Our target on the CHF is 1.33 and above. We will be looking for trade enties up after a minor correction downwards. The CHF currently trades at 1.2866. The JPY continues to move higher and should test our trend line at 120 and above that we mentioned in early Dec. The JPY currently trades at 117.66. Our target on the CAD is 1.13 and below. The CAD currently trades at 1.1464. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading
