Longer term I am still very bullish on the EURUSD, you can check my general view on previously published chart at this link:- tradingview.com/v/7dYWSgkG/ . 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.
Comments
DanV
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For update details on possible bottom in the level for EURUSD please see the other chart at link tradingview.com/v/wdnoP02Y/
DanV
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Also using 2 Hr chart we can see that since the Feb high we have time symmetry at the Friday low which is in the region of expected support for EURUSD. Base on this with some margin we should trade higher during the coming week.
DanV
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Since publishing the above chart, the EURUSD has mostly traveled since ways with each successive decline only able to make minor lower lows on 60 Min chart. Overall I still expect it to bottom soon. Here is an update using Daily chart (also in long term view of EUR published since tradingview.com/v/wdnoP02Y/ ). This suggest that there are several reasons that both structure and momentum divergence buidling which should at least provide a bounce from curent level to 1.29 perhaps.
Scloneh
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Heyy DanV! I trade the same wave pattern a couple of months ago, what you think? tradingview.com/e/rZYu3FyL/
DanV
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Whilst your count looks probable, I am having difficulties in fully counting the minor 5 waves within your label i of the low B. and then to clearly identify 5 waves within wave iii. So only time will tell if they are correct. I would rather wait for confirmation of what you think is complete 5 waves and then possible abc retracement of some sort, to look for going long as it will be wave "c" or wave "3". But much also depends on the overall time frma e of your intended trade.
DanV
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For now the view still remains that a bottom should be formed little lower than originally anticipated.
AddyUK
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Look forward to it. ;)
Nickmail
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nice!
EWFAxel
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Agree with your path you are proposing, imo it will go a little bit lower, and i´ll be buying around 1.2950-70
DanV
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Thanks for taking the time to view the chart and agreeing with the analysis. The exact level you suggest might also prove true. I mentioned 1.30 area as it has few Fib confluence and possible reaction at what what support in Jan/Feb 2012 and round number as added reasons. But the actual level each trader can workout based on the live data. But glad you agree.