Update for: 2012-12-24 - 2012-12-30
Posted on: Saturday, 22 December 2012 22:06
Short-Term Trend: uptrend
After some consolidation below the 1.3195 Fibonacci level, EUR broke above there and rallied to 1.3307 last week. But then it retreated on Thursday and Friday. Still, it is above the previous chart resistance (now support) at 1.3135/25, so the daily uptrend is considered strong. And the wave structure still suggests an impulsive rise in wave C. If correct, the market should resume its advance this week and head toward 1.3520 level.
On the downside, sustained trading below 1.3125 negates this view and signals the last week's upside breakout has failed....
Strategy: Holding long from 1.3150 is favord. Stop=1.3090.
Next Update: Sun, 12/30/2012.
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