EUR/USD: Expect Gains, Likely Target Of 1.4045
Trend Recognition | Feb 10, 2014 03:58AM ET
EUR/USD: 1.3634
Short-Term Trend: Sideways
Outlook: The market traded slightly above 1.3470 level before it rallied strongly at the end of last week. Thus, our working wave count remains intact and therefore we can expect further gains in wave (g) up. The most likely target for wave (g) is still seen at the 1.4045 Fibonacci level. A move above 1.3680 will virtually confirm this view.
On the downside, only below 1.3500 will indicate that wave (f) is still unfinished and marginal losses towards 1.3400 will be expected in this case.
Strategy: Longs favored here against 1.3500.
Target at 1.4000.
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