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Eur/Usd: Price Still Bullish But Clearly Corrective-Reversal In View

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April 30 2012

Euro is still in a recovery mode since April 16, with price trapped between two parallel trend-lines. Price action is very choppy and overlapping from 1.3000 low and definitely cannot be counted impulsively. As such, we believe its corrective, probably a wave D that should find a top in this week, ideally around 1.3300.

Once top is in, market will make at least three waves to the downside. Broken support line will be a key for that weakness within wave E.

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