I think EURO in BIG trouble

I was a little slag after Monday, mainly because I have bought DVD on a crime series Criminal Minds. Well, one thing that I haven't revealed here is that I am also a fan on crime stuffs, especially on serial killers. I was hooked on the DVD the whole night last night until the point that I did not even switch on my notebook (naughty, naughty).

Talking about serial killers, they are an interesting bunch of people. Most of them are male and they experience traumatic childhood (with the exceptional few. Contrary to standard beliefs, no, they are are influenced by sexually explicit materials, in fact, the hook on these materials are the effect and not cause of their destructive behaviours. Most of those who were abused by the female side of the care givers would normally come to hate women, while those abused by males would vet their frustration on the males.


Fig 1 EUD USD Weekly Chart

I have been all the while focusing the EUD based on SGD. Already I have witness a great fall against SGD. Since I have not much to look at today, I opened the USD layout and took a peek at EUD. It is quite shocking indeed!

What I saw was a double top formation with the chart already penetrated the neckline. While both indicators are at bottom they continued to move south, indicating more bear movement on this currency. Definitely something is wrong with Euro at the moment.

Using Fibonacci projection, I gather that EUD must at least reach 11,540 before retracing, which coincide with the 23.6% projection. the Double Top formation on the other hand is not that friendly, it is heading for 8,958, meaning EUD1 = USD0.8958. This is probably due to USD strengthening while Euro weakening at the same time.

So it is definitely not a time to buy Euro yet.