HighSky (HighSky)
Currencies  |  September 10, 2012 17:14:52

EURUSD - the announced medium-term goal to be met! Now what?

Following our last comment , we can say that the 50% Fibo level and price around 1274 has been met thanks to Friday's trading. Our technical goal, Announced on July 25 and has been confirmed and we would now expect new development opposite.

Such a situation can we be described as a textbook, but an estimate of the trader should certainly go hand in hand with the current events. The decline in equity markets and even the main pair EURUSD starts to bet more and more speculators, so this scenario may not be so simple and straightforward.

eurusd, daily comment

Speculation on growth EURUSD obviously seen as a late, cheap, fast turnover and profits for speculators on the short side, but we also do not seem realistic for the coming hours / days. Therefore, we expect in the coming days either stagnation for creating technical Doji, or only a slight decrease and quick profit taking (short traders) or, even more preferably to grow 61.8% Fibo and other lossy stop short traders, so that the ratio of long / short positions better edited.

Thus, although we expect soon return to the main long-term downward trend, now participate in the market we see on both sides as more risky. Nor yet we oscillators indicate a reversal signals.
Developments in the next few days will certainly tell more ...

Josef Kvarda, Analyst

HighSky Brokers, Inc.

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