EUR/USD: mixed signals

Published 01/27/2012, 07:13 AM
Updated 07/07/2019, 08:10 AM

The overall trend remains up although yesterday's gravestone doji is a warning signal that the trend may be about to change, and there is also a head and shoulders on the hourly warning of short-term weakness. Nevertheless, any downside would be limited by support from the channel base at 1.3040. If the rally continues, however, then it could reach the highs at 1.3183 as elliot wave 5 unfolds, and then perhaps to the base of the Ichimoku cloud at 1.3235. Overall the up-trend is still intact although bear signals abound.

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