Update for: 2011-08-15 - 2011-08-21

Posted on: Sunday, 14 August 2011 16:22


EURUSD: 1.4249

 Short-Term Trend:  sideways

Outlook: Nothing has changed here for the past week as the pair has traded sideways. We still think the odds are higher that eventually EUR will break higher and a move abv 1.4530 will be the 1st signal in that direction. Right now the daily oscillators are neutral to slightly negative, so further choppy trading within the recent range is likely early this week.
On the downside, the key level is at 1.4055/'45 - break there will negate the presented wave count and will suggest a move lower twd 1.3520....

Strategy: Longs favorable on break of 1.4540. Stop=150 pts. Target=1.5040

Next Update: Wed, 08/17/2011, 09:00 - 10:00 CET


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