FX:EURUSD   Euro / U.S. Dollar
724 1 2
In my last chart I made a case for Bullish action with at least the 1.31 -1.3150 area and possible retest of the 1.33. Well as you will see we didn't quite get to 1.3150 but did make 1.31, which I said would have to be achieved quickly, as later in Jan and Feb the seasonal is bearish for EUR . Since then the price action has been puzzling. I have reviewed this and feel need to revise my chart. The retest of the 1.33 will have to wait for now and longer term I am very Bullish on EUR. However, at the moment I still expect the price action to follow as outlined in the chart. It could be that we might see the low @ 1.330 - 1.320 over night, and then during the London open on Thursday back towards 1.30920 - 1.31 area before possible Sell off during & after the ECB Press conference to 1.30 OR 1.29 as possible target A, or even 1.29 Target B. Following which we could see retest of 1.33 area. Only other thing to keep in mind is that if my labels are wrong then the other possibility is that we have the Intermediate high in place and that we could have a much deeper retracement to the downside namely say 50% of the move from July low that could be around 1.26 area. Would welcome you comments.
Sadly, My previous view has been correct and trading this counter trend as pointed out is higher risk trade. Though the loss was relatively small and was able to recoup as took long and now my previous view of new 5 wave move to the upside will continue with potential target of 1.34 -1.35. Will post chart update later over the weekend. Than you all who view this chart and followed it.
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