Main analysis

Update for: 2012-04-30 - 2012-05-06

Posted on: Sunday, 29 April 2012 17:48


EURUSD: 1.3251

 Short-Term Trend:  sideways


Last week I favored a long position. EUR traded in a very tight range the entire week but eventually managed to climb to 1.3250. That does not change the overall assessment of the hourly chart: it remains neutral. But based on the wave count presented above, I expect to see a move twd 1.3720 eventually. That's the only reason I continue to like the long side here.
On the downside, firm move below 1.2995 negates, risks re-test on the key 1.2670 level....

Strategy: Holding long from 1.3190 is favored. Stop below 1.2990. Target=1.3720.

Next Update: Sun, 05/06/2012.

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