The Euro has come a long way from below 1.24, and is currently trading at 1.31 levels. The daily charts still point to further gains, but in the bigger picture, we still have one more short trade left. The perfect level for the short trade will be above 1.35, perhaps just below 1.3520. More detailed technical levels appear on the chart.
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How far can EUR/USD go in this run?
By Ramki5 Comments1 Min Read
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As Euro has breahed 10 wkly mov avg comfortably first time since 20th July 08, I think we will move to minimum 1.3760 where 20 weekly moving avg is located.
I agree with your count of 4th wave… I think the finishing point of the same may not be 1.35 area… but may be in between 1.3600 and 1.3900
More over, I expect Euro to collapse bcoz I see EURGBP last stage of its rally…. it is in 5th wave…. rally started from 65 area….
so we may see some surprise spike in GBPUSD once 5thwave completes in EURGBP….
I am looking forward to read your feed back.
I wish you a very Happy Christmas and New year.
Hello Krishna,Thank you for your comments. You have obviously spent a lot of time on this chart.My approach is (a) inform of a move before it happens. Getting the direction correct is the first important step to profits (I warned of the rally on 6 Oct when the Euro was at 1.2922) (b) try to pin-point levels within a reasonable range. For example, when I said 1.3430 as resistance, and it failed 3 times at 1.3405-15 levels, that is acceptable. But if we give a range of 1.36-1.39, that is too wide a range to be useful.(c) I might change my wave count tomorrow (!) Our idea should be to figure out low risk trades where the risk/reward trade off is acceptable. Now in my recent post I have given a range of 1.3510-1.3590. That is, by itself, a very wide range and not acceptable to most traders. But I have given a strategy. I would personally sell at 1.3510-20, but stop above 1.3535. But if it fails near 1.3590, then I would sell on any pull back with stops above that. Others can build small shorts every 20 pips and get an average of 1.3550 maybe, and still not risk too much. Get the idea? Good luck to you and anyone else who reads this comment.
Krishna got the Euro move right.Well done!
Thanks Ramki….. if we break 1.4960 then it is a start of new bull trend and may target levels beyond 1.6040 levels I think….
I am focusing more on directional game.
so if 1.4960 breaching, then we may have to conclude Euro was not in it’s 5 wave down trend was simply an A_B_C correction of 5 wave rally started from .82 to 1.6040…..
infact we reached very close to our 50% retracement level of 1.2120 (Euro low 1.2330)
One new development, now there is no correlation between Oil and Euro….
Thanks & regards
Good day Sirs,
if pos. any idea on eur/usd pls???.
Tks vm indeed ciao.