Longer term I am still very bullish
on the EURUSD
, you can check my general view on previously published chart at this link:- . However in the short term the price action are difficult to anticipated. Nevertheless EURUSD
has retraced little more that 38.2% of the July 1012 low to Feb 2013 high and is at Jan & Feb 2012 support level
. On Hourly has potential RSI
divergence developing and is in final swing down to reflect the structure of the wave (a) labeled on my chart which has 5 swings. If so I would expect either the end of the correction and new uptrend to resume or more sideways congestion in which case at least 50% retracement
to 1.3450 could be anticipated. This might also be in sync with the possible top in the Dollar Index
see chart below.