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EURUSD: Pull-back May Find A Support At 1.3300 or 1.3260 Level


Jan 15 2013

EURUSD is very bullish since last Thursday ECB press conference when pair reversed significantly higher, clearly in impulsive fashion with extensions above 1.3300 level. We know that impulsive structures are five wave patterns that unfold in the direction of a larger trend. With that said, we expect even higher levels on EURUSD after a completed pull-back. It looks like wave (iv) is in progress which will either look for a base at 1.3300 (23.6% Fibo) or 1.3260 (38.2% Fibo) area.

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