When I posted my last chart some 2 months ago for longer term I was suggesting possible long entry, which prove little too early. However, the long entry was generated at even lower price and since the price action has continued with Bullish Action. Here is the last chart.
Now we have had the FOMC event which everyone was looking to have the details of QE Tapering or not, has proved somewhat disappointing to many but anticipated in my DXY chart posted prior to the event
So now, DXY appear to have breached the rising trend line support. Any pull back could be bearish for USD and bullish for EUR.
Not entirely sure of my EW counts, but possibly seem to agree with other technical features, such as Cup& Handle which could soon confirm, Also sequence of higher highs & higher lows within broadly up trending channel and above rising 200 day MA. Taking it all together, I think we are on course for at least possible AB=CD shown in pink which projects to 1.44 area but could hit 1.145-1.47 area as many stop are likely to trigger around there.
So for now every reasonable pull back should offer long entry opportunity.
Now we have had the FOMC event which everyone was looking to have the details of QE Tapering or not, has proved somewhat disappointing to many but anticipated in my DXY chart posted prior to the event
So now, DXY appear to have breached the rising trend line support. Any pull back could be bearish for USD and bullish for EUR.
Not entirely sure of my EW counts, but possibly seem to agree with other technical features, such as Cup& Handle which could soon confirm, Also sequence of higher highs & higher lows within broadly up trending channel and above rising 200 day MA. Taking it all together, I think we are on course for at least possible AB=CD shown in pink which projects to 1.44 area but could hit 1.145-1.47 area as many stop are likely to trigger around there.
So for now every reasonable pull back should offer long entry opportunity.