EUR/USD….1.3051…Sideways

by Admin

daily chart

EURUSD: 1.3051

Short-Term Trend: sideways

Outlook:

EUR advanced to 1.3195 Fibonacci level but couldn’t break above there and returned toward the 1.2995 Fibonacci level. These Fibo levels continue to work extremely well, so it is worth paying atttention to them. For the coming week the most likely scenario implies further consolidation between 1.2995 and 1.3195 followed by an upside breakout. Eventually I expect the current leg up to reach at least 1.3720 level.
On the downside, firm break below 1.2995 will shift the immediate focus on the downside for a decline twd 1.2870 (the next Fibonacci level of importance)….

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