Update for: 2012-05-07 - 2012-05-13

Posted on: Saturday, 05 May 2012 21:51


EURUSD: 1.3083

 Short-Term Trend:  weak downtrend


EUR was quite weak last week and puts our Short-Term bullish case into a quistion. With the sell-off at the end of the week, the trend on the daily chart is best described as weak downtrend. You can also see that the daily oscillators are all pointing down - overall not a healthy picture. Still, as long as the prices hold abv the key 1.3000/1.2995 level, there are reasons to be long (the main reason is our wave interpratation that calls for a rally twd 1.3720). Overall the confidence is low, but as long as 1.3000 holds, I slightly favor the upside. Should EUR break below this level, the daily chart will become unequivocally bearish.

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

Next Update: Sun, 05/13/2012.

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