HighSky (HighSky)
Currencies  |  January 29, 2013 11:04:00

EURUSD will probably wait until tomorrow ...


Following our yesterday's short-term outlook and current events on the main currency pair EURUSD, when the price began to unfold further in the lateral trend could be a very likely scenario outlined in the shorter triangular formation. This sequence could then enter into a wave (iv) with max 23.6% Fibo retracement, which is a frequent target after the previous impulse wave. Green indicated support would be crucial for such a scenario. However, before we would have to wait one more foray into the final phase (V), which, however, corresponded to the current short temper when the ratio of long / short positions among retail traders are still in favor of the dollar does not improve too, which may therefore have a further positive impact to strengthen the euro.

eurusd, daily comment

Let's see if we see the scenario outlined during the next two days, the key for EURUSD, as well as other markets, the U.S. GDP result tomorrow evening and decision on further interest rate setting, along with a press conference, where the Fed outlines another scenario of its monetary policy. However, if it is retained and indicated support rate of the currency pair passes the indicated triangular formations upward, then according to the size of the wave (i) at any given moment, we can search for the destination of about 80 b above.

eurusd, daily comment

Josef Kvarda, Analyst

HighSky Brokers, Inc.

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