Will EURUSD continue towards 1,36?

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We have been a EURUSD for some time now and we still see this pull back as another corrective pull back. If you have read our previous posts, you would know that 1,33 was a formidable resistance that if broken prices would rise sharply. And so it did. Prices reached 1,34 in an pattern as our analysis expected because of the I-II-i-ii wave count we supported. We still believe that this pair can continue higher towards 1,36 as long as prices move upwards impulsively and no support is broken. First lets take a look at the 2 hour chart below.

eurusd2h

 

As one can see in the above chart, after the spike that lead to 1,34, prices pulled back to back test the broken resistance level at 1,33. This correction is most probably over. should be very cautious and keep the in mind. The downward move could be a wave iv correction that is probably over. Prices falling down to 1,3140 would cancel this bullish view. Resistance currently lies at 1,3330 and if a occurs, prices will soon test 1,34 high. Currently the pattern from 1,30 shows and higher lows, confirming uptrend.

on the other hand want prices to just pull back towards 1,3340 and then fall back down strongly below 1,3260 to start a sequence of and lower highs. 1,34 is the last stand for . Breaking that level will most probably enable stop orders and push prices even higher.

Concluding, our technical view remain bullish with targets above 1,35. As  always, thank you for taking the time to catch up on my thinking.

impulse-wave-rules

A term used to describe a trader who is expects that a particular asset – be it a commodity, currency or product – to rise in value. The opposite of a ‘bear’.

The idea is that bulls attack by bending their heads and poking their opponents upwards with their horns, symbolising the fact that they are buyers, driving prices up.

Beliefs held by the aforementioned ‘bulls’ of the trading world, are described as bullish. Characterised by a generally optimistic outlook on the state of a given asset, a bullish outlook would suggest that a rise in value is imminent. Opposite of bearish.

3-rules

A price movement through an identified level of support or resistance, which is usually followed by heavy volume and increased volatility.

HigherHighsLowerLows

A term used to describe a trader (bear) who is expects that a particular asset – be it a commodity, currency or product – to fall in value. The opposite of a ‘bull’.

The idea is that bears attack by getting up on their hind legs and striking their opponents down with their paws, symbolising the fact that they are sellers driving prices down.

Beliefs held by the aforementioned ‘bears’ of the trading world, are described as bearish. Characterised by a generally pessimistic outlook on the state of a given asset, a bearish outlook would suggest that a fall in value is imminent. Opposite of bullish.

HigherHighsLowerLows

A term used to describe a trader (bear) who is expects that a particular asset – be it a commodity, currency or product – to fall in value. The opposite of a ‘bull’.

The idea is that bears attack by getting up on their hind legs and striking their opponents down with their paws, symbolising the fact that they are sellers driving prices down.

Beliefs held by the aforementioned ‘bears’ of the trading world, are described as bearish. Characterised by a generally pessimistic outlook on the state of a given asset, a bearish outlook would suggest that a fall in value is imminent. Opposite of bullish.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.