EUR/USD: Looking For Bullish Opportunities Within Accelerating Price
Gregor Horvat | Oct 21, 2013 03:16AM ET
EUR/USD accelerated to the upside in the last few weeks and touched 1.3700 few days back which means that pair is trading extremely close to January high so it seems that rally from 2012 low is still unfolding. We are tracking an updated which shows a completed running triangle in wave (B) followed by a recent push out of the pattern that is now pointing higher, for a five wave rise in wave (C) towards and above 1.4000.
EUR/USD Daily
Keep in mind that this long term view is only a guide to our short-term trades.
On the 4h chart below we can see that EURUSD accelerated sharply to the upside in the last 24 hours after a break out of a downward corrective channel which was a trigger for a bullish move. As such, current trend is up, but as always pull-backs will occur in the middle of an uptrend which could be an opportunity to join the trend. We suspect that pair will reverse back in wave (ii) early next week before new strong move higher occurs.
EUR/USD 4h
We could be looking for long entries with our members this week.
Trade well!
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.