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11 Jun 2014
EUR/USD bulls setting up to take control for now
FXStreet (Barcelona) - Independent Analyst Harsh Japee observes that EUR/USD has retraced towards 1.3520/25 levels for now and is preparing to stage a rally towards 1.3745/1.3800 levels at least.
Key quotes
“Note that this rally is just a counter trend, and bears are expected to take control back at the above handle. Furthermore, prices are seen to be bouncing off the 0.786 fibonacci support levels as seen above. Bulls are setting up to take control for now.”
“Support is seen at 1.3500(intermediary) followed by 1.3470 and lower, while resistance is at 1.3800, followed by 1.3880 and higher up respectively.”
“The wave structure indicates that EURUSD bulls should possibly stage an aggressive counter trend rally towards 1.3750/1.3800 levels. A reversal can be expected from there on.”
Key quotes
“Note that this rally is just a counter trend, and bears are expected to take control back at the above handle. Furthermore, prices are seen to be bouncing off the 0.786 fibonacci support levels as seen above. Bulls are setting up to take control for now.”
“Support is seen at 1.3500(intermediary) followed by 1.3470 and lower, while resistance is at 1.3800, followed by 1.3880 and higher up respectively.”
“The wave structure indicates that EURUSD bulls should possibly stage an aggressive counter trend rally towards 1.3750/1.3800 levels. A reversal can be expected from there on.”