Update for: 2012-11-12 - 2012-11-18

Posted on: Saturday, 10 November 2012 20:41

eurusd st 20121111

EURUSD: 1.2711

Short-Term Trend: sideways


As expected EUR broke lower last week and declined to as low as 1.2690. The daily trend is considered sideways, but the hourly trend is down and I expect to see further losses twd 1.2345 level eventually before another strong advance takes place.
A move above 1.2880 however, will indicate that the next leg up is likely under way already. In this case we can expect gains twd 1.3195 Fibonacci level.
Wavewise, I think that the current rise from the July 2012 low is wave (F) of a Diametric formation that started back at 2008 top.

Strategy: Stand aside.

Next Update: Sun, 11/18/2012.

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