EUR/USD Weekly Outlook and Trading Idea

on April 14 2013 4:55 PM

EURUSD: 1.3111

Short-Term Trend: sideways

Outlook: EUR advanced last week and that further justified our bullish view here. However, we need a move above 1.3195 for a final confirmation that wave E up is undeed unfolding. I expect this to happen this coming week. The daily oscillators point up which is positive, but the daily Stochastics is getting overbought. Ultimately a move twd 1.3720 is expected once we can confirm the presented wave count is indeed unfolding. On the downside, below 1.2870 negates and turns the daily chart negative again....

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

EUR/USD EUR/USD  http://trendrecognition.com/

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