Technical Overview
- Euro Bullish Above 1.4032
- Japanese Yen Close to Key Level
- British Pound to Test 2.0500
- Swiss Franc Already Turned?
- Canadian Dollar Close to a Turn
- Australian Dollar Could Trade Back to .8600
- New Zealand Dollar In Reversal Zone
EUR/USD
Commentary: The EURUSD is not so clear right now. We see evidence of both a bullish and bearish count. The bullish count has an a-b-c correction ending at 1.4032, which means that the EURUSD should rally to a new high before reversing. For now, the bullish count is favored but a drop below 1.4032 would make change the short term bias to a bearish one. Strength above 1.4281 (if price reaches there) should prove marginal though. We do expect at least a return to 1.3828 (former 4th wave) and possibly 1.3712 (61.8% of 1.3360-1.4281) over the next 3 to 4 weeks regardless of what happens in the next few days.
Strategy: Bullish now, against 1.4032, target 1.4281 (flip to short on drop below 1.4032)
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