EURUSD - Could it be the "come back kid"? - Updated.

FX:EURUSD   Euro / U.S. Dollar
Since publishing the last chart almost 3 weeks ago, the anticipated low appears to have formed in the shape of rising wedge or leading diagonal as minor wave 1 and subsequent retracement could be near completion suggesting wave 2 could provide higher low and confirmation would be higher prices in the coming week.

You should still take close look at the chart and details including some additional charts in the comments in the last chart to save repeating here.

With above in mind, now would be a good time to consider reasons why we should look for evidence of this low being respected. Rather than be carried over with over exuberance Anti - EURUSD             fever and EUR bashing. This is not to say that the Eurozone itself is out on the woods yet but a decent retracement is in order at the minimum and that it could be at the inflection point with potential reversal on the horizon.

1. Seasonal is now supportive of EURUSD             gaining Vs USD Check the link : http://www.equityclock.com/charts/euro-forex-fxeur-seasonal-chart/

2. Commitment of Traders report of 18th Nov 2014 seems to be suggesting longs reducing position and shorts increasing which I suspect has gone more extreme. The scheduled report on Monday (normally released on Friday but due to holiday on Thursday is delayed) will likely confirm - Link: http://www.cftc.gov/dea/futures/deacmesf.htm

3. Overwhelming, traders sentiments is very bearish which in it self cannot help time the market precisely but add to overall analysis when considered in conjunction with other factors.

4. In the intermarket & correlation analysis it seems that DXY             could have topped at critical level I will post this chart in the comments section with both daily and intraday hourly chart which if correct would also confirm corresponding bottom in EURUSD             .

As this is long range analysis, it is not possible to pinpoint exact level but only identify general area of interest.

Any trades should be based on your own analysis and confirmation with suitable money management.

If you have viable alternatives rather than just saying EUR is doomed, please share it with me.

If have not already select to follow me and the chart for future updates and comments.

Thanks for you time reading through my analysis.

Recluse82 jangseohee
jangseohee Recluse82
They should be the one getting the Oscar award, these bloody actors LOL
They are creating dramas :-)
+1 Reply
FreeGekko jangseohee
I agree. Nobody realises that QE has disrupted the EURUSD this much.
+1 Reply
It seems we have initial minor 5 wave cycle up. Then an abc zigzag retracement may be back to 1.2350 zone or little deeper combined with bullish action could give me greater confidence in new bullish cycle.
+1 Reply
what do u think at the moment? 1,2176
+1 Reply
DanV Recluse82
Whilst cannot rule out any further weakness, but I would be on the later for any confirmation of low is in as bounce will be strong with so many bears having to close and buy back.
on monthly chart there is an abcde triangle pattern, after some pullback sholud break down toward 1,10-1,15.
DanV Recluse82
Not sure of ABCDE triangle though it might have the look. But here is what I though some while back considering this potential triangle in my previous chart published some 2 months ago.
-1 Reply
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