FOREX EUR/USD 9th January 2008 part 2

EUR selling off on the 3rd day and moving towards the lower 'target'.... but expectation is that price is moving down into the Weekly 50% level.

Because we look at Weekly timeframes:- a 3rd day 'sell' from and higher Weekly open can come down into a lower Weekly close...(Friday- Random length)

Below Weekly close and the next level down is January 50% levels...

Note: Compare price action below on GBP and you can see that the ranges are greater, and the 'speed' of the movement is quicker than EUR.

That is why I prefer the GBP to EUR