EURUSD opened a path to greater than current correction
Following our last comment, called as total radical tapping from the bottom, after we puncture resistant top line shorter downward trend channel has been more marked downward trend that began in February this year, is terminated. Now we prefer the medium term correction before another successful campaign the U.S. dollar against a basket of major world currencies. Against the euro, we see more interesting technical objective in the indicated limit of 61.8 Fibo, which is also the peak of the previous wave first Unconfirmed this medium-term scenario is below the present day wave 5, ie below 1.2747.
This route would yet could take several weeks, when we also expect further bleeding bears on the stock markets, especially if U.S. stock indexes could again find their new highs. Larger correction or reversal in the markets we expect love in a different time than that are all ready to fall due to global analyst comments, which are all consistent with a possible correction or a trend reversal. The market should find the opposite direction until the time that investors are least prepared, as always.
Josef Kvarda, HighSky Brokers
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