EURUSD has been falling steadily from 1,3170 and trades below the red downward sloping trendline. The decline looks corrective due to the overlapping of the waves after a clear impulsive upward move. 1,2950 is important short term trend resistance as the previous 1 hour high and the downward sloping trendline meet.
Our view is that a break of that resistance level might start a new strong upward move with target above 1,32. However at first the pair should show impulsive characteristics in any upward move and secondly it must be strong enough to break 1,2950 and 1,3050 resistances for a new high to be achieved.
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DOW CYCLE
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