October 2nd, 2008

EURUSD continues to move lower reaching 1.3911 during today’s Asian session, as prices should continue to move lower with the September 11, 2008 low at 1.3882 as the next objective with a susatined break eventually targeting 1.3054. However, failure to sustain prices below 1.3882 would suggest prices will likely remain a complex consolidation pattern It appears that a new wave lower from the September 22, 2008 high of 1.4866 is underway with potential for an explosive wave 3 extension