Update for: 2011-08-29 - 2011-09-04

Posted on: Sunday, 28 August 2011 10:36


EURUSD: 1.4498

 Short-Term Trend:  sideways

Outlook: EUR/USD has traded sideways in a very narrow range for quite some time, but the fact that this range is in the upper part of the recent broad range is quite a bullish sign, in my opinion. Wavewise, it appears the Diametric formation that I have followed for week is now close to its completion and a move abv 1.4530 will be a strong sign that the next bull market here is under way. A subsequent rally abv 1.4700 will confirm and should bring gains twd 1.50/1.51 area.
On the downside, below 1.4260 will delay this bullish outlook but only below 1.4055 will turn the daily chart negative.

Strategy: Longs favorable on break of 1.4540 with a potential target at 1.5040. This outlook is negated if EUR retreats more than 150/200 pts from its breakout.

Next Update: Sun, 09/04/2011.


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