EUR/USD Weekly Outlook: Gains Toward 1.3720 Level Are Expected
Trend Recognition | Sep 23, 2013 03:07AM ET
EUR/USD: 1.3521
Short-Term Trend: uptrend
Outlook: The market opened with a gap up last Monday and thus confirmed that wave (c) of F had already ended. The subsequent rally above 1.3415 (the mid-August top) further confirmed our bullishness. Now, the uptrend on the daily chart is strong and further gains toward 1.3720 level are expected this week. Eventually we expect gains twd 1.4045 Fibonacci level - most likely in the second half of October.
On the downside, only a move back below 1.3350/40 (previous minor resistance, now support) will negate this bullish view.
Strategy: Holding long from 1.3350 is favored. Stop=1.3325. Target=1.3950.
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