Monday, 15 October 2012

EURUSD expected higher

Although EURUSD has opened lower today, it is now pulling back up according to our most probable wave count. 1,2950 is important resistance that must be firmly broken. At least one 1hour  candlestick should stay above that level for the pair to continue its rise. A 5 wave impulsive move has been followed by a 3 wave corrective move that bottomed at 61,8% retracement. Next move was expected to be upwards. A confirmation of our bullish view will be the strong push through of the 1,2950 area. As long as the pair stays above 1,28 bulls will have the upper hand with the possibilities in favour of a new upward move at least towards 1,31.

Thank you for taking the time to read my post.

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