EURO-FX-MONTHLY

Wave "C" down is approaching a number of key support levels, subwave "4" of previous bull market @ 1.16 and then in terms of wave equality between wave "A" and wave "C" i.e., 100% projection of wave” A" on wave "C", @ 1.14 and finally the 61.8% of the entire bull market @ 1.12... In the next chart is the Commitment of Traders report analysis on speculative positioning in CME for EURO-FX futures. The data represents Net speculative longs as % of total Open Interest. In mid-2007 we saw the extreme bullish sentiment reading on that indicator, with over 50% total outstanding positions in CME on net long side. In 2010 we see just the opposite picture, around 40% of net speculators betting on short side... EURO-CFTC- NET SPECULATIVE LONGS AS % OF TOTAL OPEN INTEREST

To sum up, I think there is a strong probability of 1.14-1.16 zone to become a floor for the euro...

@Anindya Banerjee: 9930272451. anindya1979@gmail.com