Update for: 2011-01-24 - 2011-01-30

Posted on: Sunday, 23 January 2011 20:32


EURUSD: 1.3619

 Short-Term Trend:  sideways


As expected the European single currency is rallying twd the 1.3720 Fibo level. The question is what's going to happen next. The scenario presented on the chart suggests that a ST top will be formed near or slightly abv the 1.3720 level and after some consolidation, EURUSD will head lower. The confidence in this scenario however is week as the weekly chart displays a much more bullish picture right now. The daily oscillators display strength right now but they are also overbought. So, we will have to wait for more clues after the market reaches the 1.3720 level. Hopefully in a week or so, the market will be much more clearer on this time frame.
On the downside, a move below 1.3250 will indicate the next leg down is already under way...

Strategy: Stand aside.

Next Update: Wed, 01/26/2011, 09:00 - 10:00 CET


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