FX:EURUSD   Euro Fx/U.S. Dollar
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The Euro             is still consolidating by means of a Bull-Flag. For my previous post see below:

EURUSD long


We have to keep in mind that although this sideways price action seems corrective at first, it might result in a leading diagonal if we see 1 more low. See chart below:

snapshot


A leading diagonal can either be a wave 1 which indicates that the correction for the EURUSD             was over around 1.105, or it can be a wave A (which is less likely at the moment) and this would indicate that a corrective combination is in progress.

Based on fundamentals and higher time frame structure I still favor a bullish break to be next but we trade what we see and therefore I will be watching price action in the beginning of next week for clues.

Updates will follow.

http://www.timstuyts.com

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I am with the leading diagonal theory :)
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We had to be patience but we finally saw the anticipated break higher. However we are not out of the risky zone yet. Watch for consolidation and continuation higher towards target zone if you are not already in the trade.


snapshot
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