Update for: 2012-11-26 - 2012-12-02

Posted on: Saturday, 24 November 2012 19:27

eurusd st 20121125

EURUSD: 1.2972

Short-Term Trend: uptrend


I thought wave (F) of the Diametric formation from the July 2008 top was going to develop as a Flat pattern and that was the reason I expected a decline twd 1.2500 and below last week. But the last week's rally signals the structure of the suspected wave (F) will be different (not clear yet) and it seems the larger uptrend from the July 2012 low has already resumed. If correct, gains twd 1.3520 will be seen in the next couple of months. With this in mind I favor the long side here against the 1.2670 key Fibonacci level....

Strategy: Longs favored at 1.2870. Stop=1.2670. Target=1.35000

Next Update: Sun, 12/02/2012.

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