Main analysis

Update for: 2012-10-22 - 2012-10-28

Posted on: Sunday, 21 October 2012 19:38

eurusd st 20121021

EURUSD: 1.3023

Short-Term Trend: weak uptrend


In line with our expectations EUR rallied last week. But it couldn't make a new recovery high and pulled back again on Friday. Now, the trend assessment remains unchanged.  The daily chart is in weak uptrend. Wavewise, it seems a small degree fourth wave ended a couple of weeks ago. If correct, we should see further gains this wek toward at least the 1.3195 level. The ultimate upside objective for this upmove remains at 1.3520/1.3720 area.
On the downside, a move below 1.2950 negates, risks one more pullback twd 1.2800 support...

Strategy: Holding long from 1.2925 is favored. Stop=1.2940.

Next Update: Sun, 10/28/2012.

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