Update for: 2012-10-01 - 2012-10-07

Posted on: Saturday, 29 September 2012 22:02

eurusd st 20120930

EURUSD: 1.2859

Short-Term Trend: uptrend


If you look at the 240-min chart or at hourly chart, you will see that the decline from the mid-Sept top has been clearly corrective. So, the wave count presented on the chart above is still likely. However, the EUR bulls need to act quickly since this pullback is now approaching the point where it may negate the previous upmove. For now I remain bullish here but I think the critical support should be raised to just below the current market - at 1.2810. A move below 1.2810 will be a sign that something else is going on here rather than the wave count presented on the chart.
On the upside, we need a solid move abv 1.3000 to signal the resumption of the uptrend from the July low.

Strategy: Holding long from 1.2700 is favored. Stop=1.2810. Target=1.3500

Next Update: Sun, 10/07/2012.

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