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Wednesday, 12 December 2012

EUR/USD: What's next?

This wave progression does not look to me like ABC Expanded Flat Corrective pattern anymore: sub-wave C wave is too much expanded in relation to other waves. It "looks" more like wave 3 to be honest and this means EUR/USD will make a new high after wave 4 retracement. This is one of the possible scenarions I had posted here on Saturday update.

With the last move up EUR/USD passed through supply level and has hit 88.6%Fibo Ret level to the pip. There is no divergence on MACD or AO what indicates the momentum is strong and the up cycle has not been finished yet.

The first level to look for buying opportunity is 1.3018 area of technical support, WR1 and 38%Fib Ret. Nevertheless, it is possible for price to penetrate 50% FibRet area and previous wave 4 area but anything below that level is rather more bearish than bullish.

Seb


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