Update for: 2012-03-19 - 2012-03-25

Posted on: Sunday, 18 March 2012 19:56

eurusd

EURUSD: 1.3173

 Short-Term Trend:  weak downtrend

Outlook:

While EUR has followed exactly the red-line path suggested in our previous update, the daily chart is not much clearer than it was a week ago. The difficulty right now comes from the fact it is impossible to decipher the internal structure of the wave B that started from this year's low. So, the pullback that started in the last day of February might or might not have finished. I simply have no clear indications if this move lower is complete or not. Going forward however, I still expect to see a rise twd 1.3720, so this is my main idear here. At some point a rally twd that level should start. But it is impossible to say right now if this rally has already started or not. A move abv 1.3290 will be a strong confirmation that the rally from this year's low has indeed resumed...

Strategy: Stand aside.

Next Update: Sun, 03/25/2012.

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