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EUR/USD: Weak Uptrend

Published 01/20/2014, 01:23 AM
Updated 05/14/2017, 06:45 AM

<span class=EUR/USD Daily Chart" title="EUR/USD Daily Chart" width="715" height="523">
EUR/USD: 1.3541

Short-Term Trend: weak uptrend

Outlook: Contrary to our expectations the EUR declined last week. That means that either wave E from the July 2013 low has ended (this wave E is part of a big Expanding Triangle from July 2012 low) or the structure of wave E is different. On the chart above we have labelled a Diametric structure for wave E which implies one more rise in the next couple of months. If correct, the EUR should find support near or above 1.34 and then turn up.

Strategy: The suggested long from 1.3670 was stopped out at 1.3540. Stand aside.

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