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Euro Near Term Bullish Euro Near Term Bullish
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Old 07-31-2007, 09:20 AM
DailyFx's Avatar
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Join Date: Jan 2007
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Default Euro Near Term Bullish
Commentary: We wrote yesterday that "very short term charts (15 min) show that the rally from 1.3608 would be in 5 waves on a push through 1.3679. Therefore, we are expecting EURUSD strength for the next day.


Potential resistance is at the 38.2% of 1.3852-1.3608 at 1.3701 and the 61.8% at 1.3759." Our near term view remains the same. That is, we are looking for weakness from 1.3627 to prove corrective and find support near 1.3658 before a stronger rally comes close to testing 1.3852. Price must remain above 1.3608 in order for this bullish scenario to play out.

Strategy: Look to get bullish close to 1.3658, against 1.3608, target 1.3852
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