EUR/USD: Very Short-Term Up-Trend Still Intact
Forex4you | Mar 30, 2015 06:29AM ET
The EUR/USD pair has pulled-back to a short-term bullish trend-line, in an a-b-c pattern as shown on the chart below. It has since recovered slightly and held above the trend-line, extending the very short term trend higher, as expected. A break above the S2 Monthly Pivot at 1.1085 would probably lead to a move higher up to 1.1166 where the 50-day MA is situated.
Alternatively a break below the a-b-c lows at 1.0800 would probably indicate a reversal of the very-short-term trend and the start of a resumption lower.
This could target a 61.8% extrapolation of the peak above the trend-line down, to a target at just below round-number support at 1.0700 – although 1.0700 would provide a more sensible target.
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