Friday, November 21, 2014

Eurusd Long and Short Term Analysis....

Eurusd has engaged itself in a very fierce bearish movement from April this year. This move is to complete the triangle corrective pattern which started in June 2008. 

With this correction we are likely to see eurusd dipping further to strike the support line of the triangle or penetrate for a little throw-under and move immediately back to the triangle zone. 

Price should be contained within this region ( 1.2150 and 1.8850) if the long term bullish move will ever resume for probably the next decade.

In the daily chart, the move from April 2014 is a very bearish impulsive move with its last wave forming and looks uncompleted. 

The 5th wave could take us to the regions I mentioned above.

Presently market is consolidating within a zig-zag (4 hour chart) corrective channel, 4th wave of the wave 5 0f 5 mentioned above. 

If price breaks this channel downward, (1.2150 and 1.8850) region will be the new haven of eurusd and we shall watch its reaction there ( bounce or penetration)

If price breaks above 1.2600, price could be ready for a long bullish move and we will require a new short term analysis to decipher the message price is passing across to us.

I will be here to update you. Book mark

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