Update for: 2013-01-07 - 2013-01-13

Posted on: Sunday, 06 January 2013 17:54

eurusd st 20130106

EURUSD: 1.3067

Short-Term Trend: weak uptrend


EUR failed last week at 1.3300 resistance and declined sharply. While there is still a pattern of higher highs and higher lows from the Nov 2012 low, the techinical picture has deteorated significantly. The current uptrend is considered weak and as the daily oscillators point down, lower prices are expected in the next week or two. That leads me to believe that wave B on the chart above is still unfinished, unfortunately the wave structure of wave B is unclear a this point. Ideally the market will find support either at 1.2870 level or at 1.2670 level and will turn back up again. If the technical picture improves again, I may favor another long position later this month.

Strategy: The hypothetical long from 1.3150 was stopped out at 1.3150. Stand aside.

Next Update: Sun, 01/13/2013.

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