Wednesday, 3 October 2012

EURUSD update

EURUSD has been trading above the declining channel that has been in for the last two weeks. Until now it has made three waves up. This is a characteristic of corrective waves. 1,2877 level should not be broken for bulls to have any chance of further rise in prices. The pair could be making a smaller degree wave 1-2 upwards and that is another reason why it should hold the intermediate low. I believe it has more chances to unfold as an upward impulsive move, because the decline from 1,3170 looks corrective with all those overlapping waves. Moreover EURUSD has also made a back test of the broken channel today without breaking the important support levels at 1,2877. A break below the upward sloping green line will be very bearish as this is the channel line from 1,22. 

Thank you for taking the time to read my new post.

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