EURUSD accelerated to the upside in the last few weeks and touched 1.3700 few days back which means that pair is trading extremely close to January high so it seems that rally from 2012 low is still unfolding. We are tracking an updated which shows a completed running triangle in wave (NYSE:B) followed by a recent push out of the pattern that is now pointing higher, for a five wave rise in wave (NYSE:C) towards and above 1.4000.
Keep in mind that this long term view is only a guide to our short-term trades.
On the 4h chart below we can see that EURUSD accelerated sharply to the upside in the last 24 hours after a break out of a downward corrective channel which was a trigger for a bullish move. As such, current trend is up, but as always pull-backs will occur in the middle of an uptrend which could be an opportunity to join the trend. We suspect that pair will reverse back in wave (ii) early next week before new strong move higher occurs.
We could be looking for long entries with our members this week.
Written by www.ew-forecast.com
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