Eurusd Long and Short Term Analysis....
Eurusd has
engaged itself in a very fierce bearish movement from April this year. This
move is to complete the triangle corrective pattern which started in June 2008.
With this correction we are likely to see eurusd dipping further to strike the
support line of the triangle or penetrate for a little throw-under and move
immediately back to the triangle zone.
Price should be contained within this
region ( 1.2150 and 1.8850) if the long term bullish move will ever resume for
probably the next decade.
In the daily
chart, the move from April 2014 is a very bearish impulsive move with its last
wave forming and looks uncompleted.
The 5th wave could take us to
the regions I mentioned above.
Presently market
is consolidating within a zig-zag (4 hour chart) corrective channel, 4th
wave of the wave 5 0f 5 mentioned above.
If price breaks this channel downward,
(1.2150 and 1.8850) region will be the new haven of eurusd and we shall watch
its reaction there ( bounce or penetration)
If price breaks
above 1.2600, price could be ready for a long bullish move and we will require
a new short term analysis to decipher the message price is passing across to
us.
I will be here
to update you. Book mark www.forexsnipper.blogspot.com
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