Update for: 2012-09-24 - 2012-09-30

Posted on: Sunday, 23 September 2012 09:41

eurusd st 20120923

EURUSD: 1.2978

Short-Term Trend: uptrend


EUR pulled back last week but in a purely corrective manner. Thus, the larger uptrend that started at July's low remains intact and higher prices are expected. Right now the market is overbought, but I expect it to remain overbought for quite some time if a new uptrend is indeed under way. The most likely scneario is shown on the chart above. Ultimately I expect a rise twd 1.3520/1.3720 area before a more meaningful pullback takes place.
On the downside, a move below 1.2750 will negate this bullish outlook and will signal tha the EUR bears have taken control again here....

Strategy: Holding long from 1.2700 is favored. Stop=1.2750. Target=1.3500

Next Update: Sun, 09/30/2012.

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