Main analysis

Update for: 2012-10-08 - 2012-10-14

Posted on: Sunday, 07 October 2012 22:11

eurusd st 20121006

EURUSD: 1.3029

Short-Term Trend: uptrend


Last week I decided to raise the stop to our hypothetical long position to 1.2810. Then, in early Asian tradin on Monday EUR dipped to 1.2803. Maybe most of you were sleeping at that time and that dip lower had not affected their trading results. Because, after that EUR rallied for the rest of the week. For the purpose of my web site though, I would assume that our long from 1.2700 was stopped out at 1.2810.
Now, the daily chart looks positive and it seems the wave count presented above is indeed unfolding. If that's the case, we need to see a series of an up-down-up move before a more meaningful correction takes place. Strong support is expected at 1.2870 Fibonacci level, so new longs can be favored agains that level.

Strategy: The hypothetical long from 1.2700 was stopped out at 1.2810. New longs are favored here against 1.2870.

Next Update: Sun, 10/14/2012.

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