Larger Trend For The EURUSD Could Resume In This Week; “Be Prepared”
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Feb 11 2013
EURUSD reversed sharply lower last week after the ECB press conference. But despite recent pull-back, larger trend for the EURUSD remains bullish. The reasons is on a weekly chart where we can see that pair is still above two very important trend-lines connected from 1.0240 and 1.2660. Therefore, we think that bears are only temporary.
On the 4h chart below we can see that decline in C from 1.3596 can be counted in five waves, which means that whole three wave A-B-C decline from 1.3710 high could be near completion. Keep in mind that three wave movement is corrective structure so larger uptrend could resume, but we need some evidences from the market before bullish case can be confirmed. With that said, we need an impulsive rally back towards 1.3500; only then we will focus on new leg higher, back above 1.3700.
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