Update for: 2012-09-17 - 2012-09-23
Posted on: Saturday, 15 September 2012 16:29
Short-Term Trend: uptrend
Euro rallied nicely last week completely in line with our wave and trend analysis. Now, the market is approaching the 1.3195 level but I expect it should not be a problem for further advance here. Then, we'll come to the 1.3520 and 1.3720 Fibonacci levels which may provide a bigger resistance for the market.
On the downside, the 1st pullback is likely to find support near 1.2995 level, lower support exitsts at 1.2820 if 1.2995 level is penetrated in a meaningful way.
Wavewise, I think that the July's low marks the end (E) of a giant sideways pattern that started back in mid 2008. If that's the case, a rally twd 1.6000 will be seen in the next several months.
Strategy: Holding long from 1.2700 is favored. Stop=1.2750. Target=1.3500.
Next Update: Sun, 09/23/2012.
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