EUR/USD

ultimate long term target eur/usd.87

both GBP and Eur rallies against USD represent - opps to short into the bounces. all imho, dyor

WaveSurfer wrote: I mentioned a few weeks back to keep an eye this development.... euro better turn here (not in my case) or its a kaboom down....

heres that updated chart.

diver your 1.22 looks good to me imo....

dl.dropboxusercontent.com/u/40497882/eur_usd_17may13.JPG

Wavesurfer, are you following this? Is that a triangle forming on the 4 hour chart? Possibly some kind of B wave?

of course as i have an open long term short position...i think i see what you see, quite possible.


will post up a chart later on or of course if you can then we can discuss further.

cheers WS

This is approaching the intermediate downtrend resistance at 1.3454 (falling daily). One more little rise up to that looks like it'll complete a corrective pattern upwards so the move down could be nice if it works out:



dl.dropboxusercontent.com/u/20815047/EURUSDdaily14_06_13.gif

There's a lot of bear talk about this pair so I wouldn't be surprised to see it break upwards. Make sure you have your stops!

I've been bullish for a while, but today found the best way was to buy the dips and take profits at the distribution stages.
winning trades


This is a fib extension, however the weekly down trend is fast approaching, so I am looking forward to seeing how or if the bounce goes.
Long term views

A bounce in this area looks plausible (12990/13000. Decent support level previously and a round number. If we look at the 4H chart we can see signs of a double bottom and the accompanying divergence on the RSI/Williams.

Targets may vary - but I am looking at the 13200 area where strong resistance can be found via previous S/R levels and the 50% fib retracement.

Area's too look for on the way up -

50,100 & 200 sma's (or any other MA's you work with)
13090 (again previous S/R + 23.6% fib.)
~13150 - 38.2% fib

There is also the possibility that the price will range between 13000 to 13090.

Just a thought.