Hello and welcome back to another week of trading. The EUR/USD has seen topsy turvy movement as of late, however, the Euro Dollar still seems to be in a longer term bullish movement.
Refer to our chart for more intraday details on movement, but look for the pair to potentially come down to the 1.4200 area and below. Once it bottoms out (completing a Wave 2 correction of the upside movement), look for a Wave 3 movement up. It still does appear that we’re in an upward market for the EUR/USD. We will wait for further market movement to test and confirm our outlook.
Until then, look for shorter term downward movement and then heading back up again.
Apply your money management and use your stops.
Cheers.
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Ross, this out dated. Don’t you think so?
Thanks