EU hits yesterdays target –
Most importantly we have broken through the bottom set 10/22/2008. We are close to support from the day chart @ 1.2177. Cross is ripe for a corrective bounce since this leg has really rocked down in an unsustainable trend. We are looking for a bounce or a simple bear Flag. The bounce could go as high as the .382 Fib Retracement @ 1.2367. If we continue south look for the S6 @ 1.2063 when there is also a -0.270 fib.
