Update for: 2011-10-24 - 2011-10-30

Posted on: Sunday, 23 October 2011 17:56


EURUSD: 1.3891

 Short-Term Trend:  sideways


Last week I said that EUR was a buy as long as it was holding abv 1.3520 level. Most of the week EUR traded sideways but stayed firmly abv that important level and even the 21-day moving average held. So, the wave count remains bullish here. Because the prices are below the 100-day moving average, the larger-degree trend is considered sideways at this point. That means that if EUR rallies twd 1.5000, it can then pullback again. But we will worry about that if/when EUR approaches the 1.5000 level.
On the downside, firm break below 1.3520 negates and signals the recent rally was merely a corrective bounce. In this case, a decline twd 1.3000 will become inevitable....

Strategy: The long side remains favored as long as the prices hold abv 1.3520

I am travelling in the next couple of weeks, so the next update will be posted on Sunday, Nov 13th.


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