EUR/USD….1.3029…Sideways

by Admin

daily chart

EURUSD: 1.3029

Short-Term Trend: sideways

Outlook:

The Short-Term picture has not changed since our last update because EUR has simply traded near the 1.2995 Fibonacci level. Now, the fact that the bears have not been able to push the prices substantially lower for the past several days is actually a positive sign. But we need a move abv 1.3195 to confirm the presented analysis on the chart above. Such a move will also turn the daily oscillators up. Eventually, I expect gains twd 1.3720 at minimum and possibly twd 1.4045.
On the downside, only below 1.2870 negates this bullish outlook…

Strategy: Holding long from 1.2985 is favored. Stop=1.2870.