Saturday, February 23, 2013

$EURUSD Outlook

EURUSD DAILY CHART - Retracement of wave 2-3 extended to 78.6% this week, which is near 89 day EMA and 38.2% level of the major downtrend. I think there is a good chance of near-term reversal with support area between 1.3000/1.3150 based on the technical. I am hoping to see the pair trade above 1.3500 again in March if not sooner.

Saturday, February 02, 2013

$EURUSD Outlook Update

EURUSD DAILY CHART - Price actions since last post really indicate long-term recovery for the Euro. The pair reach 90% projection level around 1.3700 but I think correction is very likely before another test toward 1.3800 area which will complete major AB=CD pattern and bring bigger correction. 

EURUSD 4-HOUR CHART - I am looking for correction pattern between 1.3500 and 1.3700 for the following weeks.