EUR/USD….1.3191…..Weak Uptrend

by Admin

daily chart

EURUSD: 1.3191

Short-Term Trend: weak uptrend


EUR/USD is moving down as expected in what I believe is wave D of a Diametric formation from the July 2012 low. Once wave D is complete, a new powerful advance twd 1.4045 level is expected. But for now we are still in wave D down from this year’s top and it seems it will take 2-3 more weeks to complete. And most likely we will see further decline twd 1.2995 Fibonacci level. If that’s the case, we may use further weakness here to look for an entry point on the long side.
On the upside, a move abv 1.3430 will signal that the next leg up may be under way, but I think it is too early for that at this stage….

Strategy: Longs favored at 1.3010. Stop=1.2870. Target=1.4010.