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Sunday, March 25, 2012

EURUSD



Last week EURUSD traded within the range of 1.31 and 1.33. Due to the rebound on Friday, I think that we might be in wave B of a zigzag formation. This whole move can be counted as a 5 wave move as well, but that would not change the outcome shown on the chart. So far we still need one small push lower to 1.3170-1.3130 area and then we need to get an impulsive move to the upside all the way to 1.3370-1.3400 area. A good strategy would be to go long around 1.3180 area, with take profit at 1.3350. If this scenario plays out, the rise to 1.3380 should be followed by a fast fall to 1.28 area.  A fall bellow 1.3100 area before reaching at least 1.3350, would invalidate this scenario and will call for a decline to 1.28 as an initial target.

Good Luck:)

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