Max McKegg

PO Box 22-304, Wellington 6441, New Zealand, Tel. 64-4-479-0983, Fax 64-4-479-0985
Email : max@enterprise.net.nz

April 23rd, EUR/USD, last at 1.3230

Despite an extremity in Bearish sentiment, Bullish price/momentum divergence and a
requisite 5-wave sequence from 1.5145 – 1.3265, the Euro’s corrective recovery has
proved less than anticipated. The break below 1.3265 now signals a resumption in the
Euro’s Bear market for which in the “Bigger Picture” if Wave-C is equal to Wave-A
(see Weekly Chart) then a decline toward the 1.1440 level can eventually be expected.

Bottom Line: The Euro has resumed its Downtrend and risk is now for a sell-off
toward the pivotal 1.2465/1.2335 Support area over coming weeks.

Daily EUR / USD

Price
USD
B
1.6
c
5/ 1.56

1.5145
1.52
2/
3/ 1.48
1.4580
1.4335
1.44
4/
1/ (2)
1.4220 1.3815 1.4
1.3735 1.3690
1/
1.3835 1.36

4/
1.3440 1.32
1.3265
3/
(1) 1.28
1.2890
2/ 1.24
1.2460

b 1.2

1.16
.1234
16 02 16 02 16 01 16 01 18 01 16 01 16 03 17 01 16 01 16 02 16 01 16 01 18 01 16 01 16 01 16 03 17 01 16 01
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010

Weekly EUR / USD

Price
USD
1.64
1.6040
B 1.6
c
1.56
1.5145
a 1.52

1.4720
1.48

1.44

1.4

1.36

1.32

1.28

1.24
1.2465
1.2335
1.2
b
A 1.16

.1234
A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A
Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

Disclaimer: Max McKegg & Technical Research Ltd accept no liability for any loss or
Damage that may directly or indirectly result from any advice, opinion, information
Or omission whether negligent or otherwise, contained in this report.
2