1.3018
Short-Term Trend: Weak uptrend
Outlook:
Our entry point at 1.3010 was elected last week and we are now bullish. The decline from the early March top is a bit faster than we wanted to see, but still it remains a clearly corrective move. And the wave structure from the July 2012 low still favors the Diametric formation which means the current decline will end in the next 2-3 weeks and will likely bring higher prices. Based on the price relationships between the waves from the July 2012 low, we think that wave D is likely over in terms of price and a move below 1.2870 level seems unlikely at this stage. So, most likely we will see sideways trading for a week or two before the next leg higher (wave E) starts.
Strategy: Holding long from 1.3010 is favored. Stop=1.2870. Target=1.4010.
EUR/USD" title="EUR/USD" width="582" height="367">
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Weekly Outlook: Bullish On EUR/USD
Published 03/04/2013, 01:10 AM
Updated 05/14/2017, 06:45 AM
Weekly Outlook: Bullish On EUR/USD
EUR/USD:
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