Alternate (bulish) view on euro

posted by genuinelyFX at 11/10/2015 - 19:50 GMT

The EURUSD is heading down for almost a month now in what seems an impulsive move. Could be a wave c, or a wave iii. Strong support comes at the previous lows, 1.05 area, where c=1.618 x a is also found. But before that we have some minor support at 1.0650.

EURUSD daily data


On a weekly basis, price looks ready to drop further, after testing the lower side of the channel.

EURUSD weekly data


On a monthly basis, the line has broken March closing prices. There is support in the 1.0650 area and also a reach to the lower side of the major corrective channel. It could go for a spike into 1.05 and close this month above 1.065, looking for a reversal.

EURUSD monthly data


Still, a bounce from support could be traded for a few hundred pips. Trade safe!