DanV

EURUSD - Intermediate and Longer-term Remain Bullish

Long
FX:EURUSD   Euro / U.S. Dollar
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11
Whilst EURUSD has been declining since Feb 2013 high and has been in down trend since, it does not seem to be over yet. Regardless of the development of the Cyprus and EUROZONE development, based on EW count the Dollar index needs to make a final leg up to complete the cycle suggesting that EURUSD for the coming week is likely to be weaker and could form low around 1.28 to 1.27. Once that low is completed then it could start new up trend and either develop into Pattern "A" or "B". Based on "A" it could retest Feb high or make new high around 1.38 level. But more likely the expected low will form wave "X" bottom from where we will see another ABC move to the upside similar to the move from JULY 2012 - Feb 2013. My reason for this and longer term potential move is explained in the recording you can view at the link - http://youtu.be/Dq2YJPDrs08