Forex4you - Analytics

    Forex4you

    546.00 7.00/10
    60% of positive reviews
    Real

    EUR/USD: a-b-c correction complete, possibility of resumption higher

       
    The EUR/USD pair has pulled-back in an a-b-c correction within a short-term mini-up trend, visible on the 4-hour chart.

    The a-b-c move has finished and its possible the pair could start to resume its up-trend again. Ideally, however, I’d like to see a clear break above the 1.1379 highs for confirmation of continuation higher. Such a break would also signal a clearance of the R1 monthly pivot, and indicate a probable continuation up to the previous highs at 1.1466.

    Alternatively, given the strength of the move down, there is a possibility that a move below the 1.1049 lows could confirm a break lower, as it would reverse the peak and trough sequence higher and potentially signal a change in the direction of the very short-term trend. Such a move might reasonable expect to reach support at the key 1.0915 level – or for the more conservative at 1.1000.

    EURUSD08

       
    The EUR/USD pair has pulled-back in an a-b-c correction within a short-term mini-up trend, visible on the 4-hour chart.

    The a-b-c move has finished and its possible the pair could start to resume its up-trend again. Ideally, however, I’d like to see a clear break above the 1.1379 highs for confirmation of continuation higher. Such a break would also signal a clearance of the R1 monthly pivot, and indicate a probable continuation up to the previous highs at 1.1466.

    Alternatively, given the strength of the move down, there is a possibility that a move below the 1.1049 lows could confirm a break lower, as it would reverse the peak and trough sequence higher and potentially signal a change in the direction of the very short-term trend. Such a move might reasonable expect to reach support at the key 1.0915 level – or for the more conservative at 1.1000.

    EURUSD08


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree