With the break above minor resistance at 111.51 we knew, that the correction from 112.49 was over and a new test of this high was developing. We have already exceeded the high at 112.49 slightly, but there still remains a minor risk, that we are in an expanded flat correction. However, instead of looking for a risk scenario, I think the main focus should be on the next possible target for the ongoing uptrend. The next target for this uptrend is at 113.15 and more importantly at 113.76, which could potentially mark the top of wave 3. Short term support will be found at 112.14 and again at 111.48.
I have made a slight adjustment to our count, but that does not alter our overall call for a continuation higher towards the next targets at 1.6127 and 1.6206. Short term however, we might still see a minor set-back towards the 1.5930 - 1.5960 area before the next rally through 1.6085 for the continuation higher towards 1.6127. Looking at the larger perspective a close on a daily basis will establish the series of higher highs and higher lows and thereby set the underlying major trend as up.
What about eurusd?
ReplyDeleteI think as long as it is holding 1.3172 we can expect higher prices but as yen continues to weaken and Kiwi set for more losses Eur/usd should not be the only pair to trade . Trade possibilites are much higer in other pairs as euro is outperforming other risk bearing currencies as Aussie kiwi and canadian and even Gbp has lost over 190 pips
ReplyDeleteRegards
Hi Zink,
ReplyDeleteI will take a look at EUR/USD later today. But I will tend to go with Aman and look for more opportune trading possibilities in some of the other crosses.
Kind regards
EWS