Main analysis

Update for: 2012-06-18 - 2012-06-24

Posted on: Sunday, 17 June 2012 20:12


EURUSD: 1.2636

 Short-Term Trend:  weak downtrend


The rally from the early June's low is clearly corrective but it is difficult to say if it is complete or not. The presented wave structure allows slightly higher prices before the next sell-off occurs. But also, we have to keep in mind the possibility that a more solid low has been found already. So, the wave structure is uncertain. what's worse from a trading standpoint is the fact that the trending conditions do not favor a short position either. So, staying on the sidelines makes most sense to me. The key support is at 1.2435, break there will increase the odds that the next leg down is already under way...

Strategy: I prefer to stay out.

Next Update: Sun, 06/24/2012.

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