EUR/USD
Despite the very impulsive decline from 1.3299 I still look for renewed weakness once this decline is over. Short term I'm looking for a decline towards 1.3042, where strong short term support will be found. Even a break below 1.3042 will likely not produce more downside, than a move to 1.2972 before the next rally higher. Longer term I'm still looking for a rally above 1.3300 towards at least 1.3491 and possibly even higher towards 1.3833.
That said, we must respect a change in the long term picture if we do break back below 1.2972 (daily close below), which will indicate, that wave e of the big running Triangle is over and a new major decline is developing.
Hi T
ReplyDeleteHow are you first of all I was away so I could reply or argue But as far as I see eur/B wave triangle is still in play and i am sure that 1.2976 will protect the unless something estonishing happens like NFP tomorrow. If this NFP comes good then there is no stopping usd/jpy but this could also be good for retracement .
As far as euro is concerned what would be the first indication of the correction from 1.3306 is over I think a break above 1.3170 and then 1.3252 could be good be enough or depends on the bottome of the decline.
Thanks a lot
Regards
Aman